Uwharrie Capital nine-month earnings rise to $9.57M

A $12.389 million nine-month other comprehensive loss accompanied $28.944 million in accumulated other comprehensive losses at quarter-end.

Available on EDGAR 11/10/2026 - 11:07 AM EST Accepted by SEC EDGAR 11/10/2026 - 11:07 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Uwharrie Capital Corp reported nine-month net income attributable to common shareholders of $9.566 million, compared with $7.845 million in 2025, and net cash provided by operating activities of $13.869 million, versus $9.854 million. Nine-month net interest income was $30.163 million, compared with $28.723 million. In the third quarter, net income attributable to common shareholders was $2.718 million, compared with $2.748 million a year earlier.

At September 30, 2026, deposits totaled $1,117.836 million and loans held for investment were $702.750 million. Securities available for sale had a $375.000 million fair value and $412.383 million amortized cost. The company recorded a $12.389 million other comprehensive loss for the first nine months, and accumulated other comprehensive loss was $28.944 million at quarter-end. The board declared a 3% stock dividend on October 20, payable November 23 to shareholders of record November 5. The company repurchased 240,291 common shares during the third quarter.

2 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 1 point

How the balance works

Positive

• Moderate pointNine-month common-shareholder income was $9.566 million, versus $7.845 million in 2025.
• Moderate pointNine-month operating cash flow was $13.869 million, versus $9.854 million in 2025.

Negative

• Major pointNine-month other comprehensive loss totaled $12.389 million. 13% of market cap

Filing Explained

Uwharrie Capital Corp says its Visa exchange was completed: it received 633 Class C shares in the second quarter, recognized a $827,000 gain, then converted and sold all those shares by September 30, leaving none from that exchange at quarter-end.

Key Figures

Nine-month net income attributable to common shareholders: $9.566 million Net cash provided by operating activities: $13.869 million Third-quarter net income attributable to common shareholders: $2.718 million +5 more

8 metrics

Nine-month net income attributable to common shareholders $9.566 million Nine months ended September 30, 2026; $7.845 million in 2025

Net cash provided by operating activities $13.869 million Nine months ended September 30, 2026; $9.854 million in 2025

Third-quarter net income attributable to common shareholders $2.718 million Three months ended September 30, 2026; $2.748 million in 2025

Deposits $1,117.836 million As of September 30, 2026

Loans held for investment $702.750 million As of September 30, 2026

Fair value of securities available for sale $375.000 million As of September 30, 2026

Accumulated other comprehensive loss $28.944 million As of September 30, 2026

Net interest income $30.163 million Nine months ended September 30, 2026; $28.723 million in 2025

Key Terms

net interest income, accumulated other comprehensive loss, securities available for sale, securities held to maturity, +1 more

5 terms

net interest income financial

"Net interest income"

Net interest income is the difference between the interest a financial institution earns on loans and investments and the interest it pays on deposits and borrowings. It matters to investors because it is a primary source of profit for banks and similar firms — like the gross margin on a store’s trade — and changes with loan growth, deposit costs and interest rates, so it signals core earning power and sensitivity to rate moves.

accumulated other comprehensive loss financial

"Accumulated other comprehensive loss"

Accumulated other comprehensive loss is the running negative total of certain gains and losses that companies record outside their regular profit-and-loss statement, such as changes in the value of some investments, pension adjustments, or currency translation effects. It matters to investors because it reduces shareholders’ equity and reveals economic swings that haven’t affected reported net income yet — like a side ledger showing pending ups and downs that could influence future cash flow or balance-sheet strength.

securities available for sale financial

"Total securities available for sale"

Securities available for sale are investments—like bonds or shares—that a company owns but does not plan to hold until they mature or trade every day; they are kept with the intention that they may be sold when needed or when a good opportunity arises. For investors, these holdings matter because their market value changes can affect a company’s reported net worth and provide a source of cash or unexpected gains or losses, similar to having a reserve of items you can sell when prices are favorable.

securities held to maturity financial

"Total securities held to maturity"

noncontrolling interest financial

"Net income attributable to noncontrolling interest"

The portion of a business owned by investors other than the controlling owner when one company has control of another; it represents outside shareholders’ share of the subsidiary’s assets and profits. For investors, it matters because those outside claims reduce the amount of profit and net assets attributable to the parent owner — similar to saying part of a pizza belongs to someone else — and thus affects earnings, book value and valuation.

FAQ

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

How much did UWHR earn in the first nine months of 2026?

Net income attributable to common shareholders was $9.566 million for the nine months ended September 30, 2026, compared with $7.845 million in the 2025 period.

When is UWHR's 3% stock dividend payable?

Uwharrie Capital Corp declared a 3% stock dividend payable November 23, 2026, to shareholders of record November 5, 2026.

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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

COMMISSION FILE NUMBER 000-22062

UWHARRIE CAPITAL CORP

(Exact name of registrant as specified in its charter)

North Carolina		56-1814206
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)
132 NORTH FIRST STREET ALBEMARLE, north carolina		28001
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (704) 983-6181

N/A

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None

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 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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: 6,866,743 shares of common stock outstanding as of November 6, 2026.

Table of Contents

				Page No.
Part I.		FINANCIAL INFORMATION		2
Item 1 -		Financial Statements (Unaudited)		2
		Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025		2
		Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2026 and 2025		3
		Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2026 and 2025		4
		Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months Ended September 30, 2026 and 2025		5
		Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2026 and 2025		6
		Notes to Consolidated Financial Statements		7
Item 2 -		Management’s Discussion and Analysis of Financial Condition and Results of Operations		27
Item 3 -		Quantitative and Qualitative Disclosures About Market Risk		34
Item 4 -		Controls and Procedures		34
Part II.		OTHER INFORMATION		35
Item 1 -		Legal Proceedings		35
Item 1A -		Risk Factors		35
Item 2 -		Unregistered Sales of Equity Securities and Use of Proceeds		35
Item 3 -		Defaults Upon Senior Securities		35
Item 4 -		Mine Safety Disclosures		35
Item 5 -		Other Information		35
Item 6 -		Exhibits		36
		Signatures		37

1

Uwharrie Capital Corp and Subsidiaries

Consolidated Balance Sheets

Part I. Financial Information

Item 1. Financial Statements.

		September 30, 2026 (Unaudited)				December 31, 2025*
		(dollars in thousands)
ASSETS
Cash and due from banks		$	10,035			$	14,040
Interest-earning deposits with banks			65,256				59,289
Cash and cash equivalents			75,291				73,329
Securities available for sale, at fair value (amortized cost $412,383 and $379,272 respectively)			375,000				357,740
Securities held to maturity, at amortized cost (fair value $16,093 and $20,208 respectively)			18,643				21,992
Less allowance for credit losses on securities held to maturity			(30	)			(45	)
Net securities held to maturity			18,613				21,947
Equity securities, at fair value			269				303
Loans held for sale			6,588				9,019
Loans held for investment			702,750				689,562
Less allowance for credit losses on loans			(5,763	)			(6,420	)
Net loans held for investment			696,987				683,142
Premises and equipment, net			17,355				14,710
Interest receivable			4,777				4,428
Prepaid expenses			1,641				1,255
Restricted stock			1,825				1,779
Bank-owned life insurance			8,186				8,081
Deferred income tax			10,180				6,840
Loan servicing assets			3,596				3,702
Mortgage banking derivatives			531				883
Other assets			10,338				9,187
Total assets		$	1,231,177			$	1,196,345
LIABILITIES
Deposits:
Demand noninterest-bearing		$	303,559			$	269,566
Interest checking and money market accounts			434,280				421,381
Savings deposits			108,077				105,038
Time deposits, $250,000 and over			126,239				135,474
Other time deposits			145,681				149,322
Total deposits			1,117,836				1,080,781
Short-term borrowed funds			152				25
Long-term debt			31,606				29,048
Mortgage banking derivatives			330				58
Other liabilities			12,702				10,876
Total liabilities			1,162,626				1,120,788
Off balance sheet items, commitments and contingencies (Note 9)
SHAREHOLDERS’ EQUITY
Common stock, $1.25 par value: 20,000,000 shares authorized; shares issued and    outstanding 6,866,743 and 7,175,297 at September 30, 2026 and December 31, 2025, respectively			8,583				8,969
Common stock dividend distributable			257				—
Additional paid-in capital			12,305				13,492
Undivided profits			65,695				58,996
Accumulated other comprehensive loss			(28,944	)			(16,555	)
Total Uwharrie Capital Corp shareholders’ equity			57,896				64,902
Noncontrolling interest			10,655				10,655
Total shareholders’ equity			68,551				75,557
Total liabilities and shareholders’ equity		$	1,231,177			$	1,196,345

(*) Derived from audited consolidated financial statements

See accompanying notes

2

Uwharrie Capital Corp and Subsidiaries

Consolidated Statements of Income (Unaudited)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
		(in thousands, except share and per share data)
Interest Income
Loans, including fees		$	10,864			$	10,800			$	32,169			$	31,504
Investment securities:
Investment securities, taxable			2,971				2,883				8,598				8,536
Investment securities, non-taxable			477				330				1,387				949
Equity securities			5				5				15				15
Interest-earning deposits with banks and federal funds sold			730				682				2,340				1,834
Total interest income			15,047				14,700				44,509				42,838
Interest Expense
Interest checking and money market accounts			1,854				1,741				5,250				4,910
Savings deposits			300				158				865				430
Time deposits, $250,000 and over			1,112				1,335				3,441				3,895
Other time deposits			1,196				1,247				3,751				3,871
Short-term borrowed funds			1				1				3				24
Long-term debt			371				330				1,036				985
Total interest expense			4,834				4,812				14,346				14,115
Net interest income			10,213				9,888				30,163				28,723
Provision for (recovery of) credit losses on:
Loans			(234	)			192				(721	)			722
Securities held to maturity			(14	)			(8	)			(15	)			(22	)
Unfunded loan commitments			(39	)			(8	)			(37	)			11
Total provision for (recovery of) credit losses			(287	)			176				(773	)			711
Net interest income after provision for (recovery of) credit losses			10,500				9,712				30,936				28,012
Noninterest Income
Service charges on deposit accounts			308				280				883				802
Other service fees and commissions			1,122				1,002				3,285				2,972
Interchange and card transaction fees, net			309				252				892				809
Gain (loss) on sale of securities			(28	)			—				158				—
Realized/unrealized gain (loss) on equity securities			(17	)			7				829				(2	)
Income from mortgage banking			374				927				2,552				3,005
Supplemental executive retirement plan gain			739				293				908				417
Other income			254				145				558				368
Total noninterest income			3,061				2,906				10,065				8,371
Noninterest Expense
Salaries and employee benefits			5,840				5,581				17,695				16,712
Net occupancy expense			547				488				1,524				1,385
Equipment expense			244				195				648				606
Data processing costs			237				223				699				664
Loan costs			73				47				223				205
Professional fees and services			221				289				644				826
Marketing and donations			504				375				1,565				1,093
Electronic banking expense			131				137				398				371
Software amortization and maintenance			444				412				1,285				1,132
FDIC insurance			142				137				425				400
Supplemental executive retirement plan gain			739				293				908				417
Other noninterest expense			791				684				2,257				1,958
Total noninterest expense			9,913				8,861				28,271				25,769
Income before income taxes			3,648				3,757				12,730				10,614
Income taxes			788				867				2,742				2,347
Net income		$	2,860			$	2,890			$	9,988			$	8,267
Consolidated net income		$	2,860			$	2,890			$	9,988			$	8,267
Less: net income attributable to noncontrolling interest			(142	)			(142	)			(422	)			(422	)
Net income attributable to common shareholders			2,718				2,748				9,566				7,845
Net income per common share
Basic		$	0.37			$	0.37			$	1.31			$	1.05
Diluted		$	0.37			$	0.37			$	1.31			$	1.05
Weighted average common shares outstanding
Basic			7,257,667				7,432,747				7,328,080				7,471,684
Diluted			7,257,667				7,432,747				7,328,080				7,471,684

See accompanying notes

3

Uwharrie Capital Corp and Subsidiaries

Consolidated Statements of Comprehensive Income (Unaudited)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
		(dollars in thousands)
Net income		$	2,860			$	2,890			$	9,988			$	8,267
Other comprehensive income (loss):
Unrealized gain (loss) on securities available for sale			(15,157	)			3,962				(15,693	)			8,133
Related tax effect			3,322				(900	)			3,428				(1,847	)
Reclassification of (gain) loss recognized in net income			28				—				(158	)			—
Related tax effect			(6	)			—				34				—
Total other comprehensive income (loss)			(11,813	)			3,062				(12,389	)			6,286
Comprehensive income (loss)			(8,953	)			5,952				(2,401	)			14,553
Less: Comprehensive income attributable to noncontrolling interest			(142	)			(142	)			(422	)			(422	)
Comprehensive income (loss) attributable to Uwharrie Capital Corp		$	(9,095	)		$	5,810			$	(2,823	)		$	14,131

See accompanying notes

4

Uwharrie Capital Corp and Subsidiaries

Consolidated Statement of Changes in Shareholders’ Equity (Unaudited)

		Number of Common Shares Issued				Common Stock				Common Stock Dividend Distributable				Additional Paid-in Capital				Undivided Profits				Accumulated Other Comprehensive Income (Loss)				Noncontrolling Interest				Total
		(dollars in thousands, except share data)
Balance, June 30, 2025			7,013,052			$	8,766			$	—			$	12,038			$	55,448			$	(21,503	)		$	10,655			$	65,404
Net income			—				—				—				—				2,748				—				142				2,890
3% stock dividend declaration			—				—				262				1,845				(2,107	)			—				—				—
Repurchase of common stock			(24,658	)			(31	)			—				(217	)			—				—				—				(248	)
Other comprehensive income			—				—				—				—				—				3,062				—				3,062
Record preferred stock dividend series B      (noncontrolling interest)			—				—				—				—				—				—				(105	)			(105	)
Record preferred stock dividend series C      (noncontrolling interest)			—				—				—				—				—				—				(37	)			(37	)
Balance, September 30, 2025			6,988,394			$	8,735			$	262			$	13,666			$	56,089			$	(18,441	)		$	10,655			$	70,966
Balance, June 30, 2026			7,107,034			$	8,884			$	—			$	12,812			$	65,844			$	(17,131	)		$	10,655			$	81,064
Net income			—				—				—				—				2,718				—				142				2,860
3% stock dividend declaration			—				—				257				2,610				(2,867	)			—				—				—
Repurchase of common stock			(240,291	)			(301	)			—				(3,117	)			—				—				—				(3,418	)
Other comprehensive loss			—				—				—				—				—				(11,813	)			—				(11,813	)
Record preferred stock dividend series B      (noncontrolling interest)			—				—				—				—				—				—				(104	)			(104	)
Record preferred stock dividend series C      (noncontrolling interest)			—				—				—				—				—				—				(38	)			(38	)
Balance, September 30, 2026			6,866,743			$	8,583			$	257			$	12,305			$	65,695			$	(28,944	)		$	10,655			$	68,551

		Number of Common Shares Issued				Common Stock				Common Stock Dividend Distributable				Additional Paid-in Capital				Undivided Profits				Accumulated Other Comprehensive Income (Loss)				Noncontrolling Interest				Total
		(dollars in thousands, except share data)
Balance, December 31, 2024			7,077,941			$	8,847			$	—			$	12,553			$	50,351			$	(24,727	)		$	10,655			$	57,679
Net income			—				—				—				—				7,845				—				422				8,267
3% stock dividend declaration			—				—				262				1,845				(2,107	)			—				—				—
Repurchase of common stock			(89,547	)			(112	)			—				(732	)			—				—				—				(844	)
Other comprehensive income			—				—				—				—				—				6,286				—				6,286
Record preferred stock dividend Series B    (noncontrolling interest)			—				—				—				—				—				—				(311	)			(311	)
Record preferred stock dividend Series C    (noncontrolling interest)			—				—				—				—				—				—				(111	)			(111	)
Balance, September 30, 2025			6,988,394			$	8,735			$	262			$	13,666			$	56,089			$	(18,441	)		$	10,655			$	70,966
Balance, December 31, 2025			7,175,297			$	8,969			$	—			$	13,492			$	58,996			$	(16,555	)		$	10,655			$	75,557
Net income			—				—				—				—				9,566				—				422				9,988
3% stock dividend declaration			—				—				257				2,610				(2,867	)			—				—				—
Repurchase of common stock			(308,554	)			(386	)			—				(3,797	)			—				—				—				(4,183	)
Other comprehensive loss			—				—				—				—				—				(12,389	)			—				(12,389	)
Record preferred stock dividend Series B    (noncontrolling interest)			—				—				—				—				—				—				(311	)			(311	)
Record preferred stock dividend Series C    (noncontrolling interest)			—				—				—				—				—				—				(111	)			(111	)
Balance, September 30, 2026			6,866,743			$	8,583			$	257			$	12,305			$	65,695			$	(28,944	)		$	10,655			$	68,551

See accompanying notes

5

Uwharrie Capital Corp and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)

		Nine Months Ended September 30,
		2026				2025
		(dollars in thousands)
Cash flows from operating activities
Net income		$	9,988			$	8,267
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			813				799
Right of use asset amortization			325				296
Provision for (recovery of) credit losses			(773	)			711
Gain on sale of securities available for sale			(158	)			—
Gain on Visa stock exchange			(827	)			—
Gain on sale of mortgage loans			(1,667	)			(1,447	)
Gain on sale of premises and equipment			(108	)			—
Gain on sale of OREO			—				(83	)
Realized/unrealized (gain) loss on equity securities			(2	)			2
Net amortization of premium on investment securities available for sale			1,091				1,335
Net amortization of premium on investment securities held to maturity			99				90
Amortization of loan servicing assets			965				930
Originations and purchases of mortgage loans for sale			(127,227	)			(125,295	)
Proceeds from sales of mortgage loans for sale			131,325				126,220
Mortgage banking derivatives			624				(97	)
Loan servicing assets			(859	)			(826	)
Accrued interest receivable			(349	)			(345	)
Prepaid assets			(386	)			(2	)
Cash surrender value of life insurance			(105	)			(106	)
Miscellaneous other assets			(885	)			(1,763	)
Deferred income taxes			122				4
Accrued interest payable			(17	)			(61	)
Miscellaneous other liabilities			1,880				1,225
Net cash provided by operating activities			13,869				9,854
Cash flows from investing activities
Proceeds from sales of investment securities available for sale			31,119				—
Proceeds from sales of equity securities			863				—
Proceeds from maturities, calls and paydowns of securities available for sale			28,247				35,256
Proceeds from maturities, calls and paydowns of securities held to maturity			3,250				4,700
Purchase of investment securities available for sale			(93,410	)			(50,392	)
Purchase of investments in other assets			(266	)			(89	)
Proceeds from sales of investments in other assets			—				161
Purchases of restricted stock			(46	)			(70	)
Net increase in loans			(13,124	)			(11,309	)
Purchase of premises and equipment			(3,782	)			(729	)
Proceeds from sale of premises and equipment			165				—
Proceeds from sale of OREO			—				189
Net cash used by investing activities			(46,984	)			(22,283	)
Cash flows from financing activities
Net increase in deposit accounts			37,055				73,817
Net increase (decrease) in federal funds purchased and other short-term borrowings			127				(1,371	)
Proceeds from long-term borrowings			2,500				—
Repurchase of common stock, net			(4,183	)			(844	)
Dividends paid on preferred stock (noncontrolling interest)			(422	)			(422	)
Net cash provided by financing activities			35,077				71,180
Increase in cash and cash equivalents			1,962				58,751
Cash and cash equivalents, beginning of period			73,329				52,267
Cash and cash equivalents, end of period		$	75,291			$	111,018
Supplemental disclosures of cash flow information
Interest paid		$	14,304			$	14,118
Income taxes paid, net of refunds			2,767				2,707
Supplemental schedule of non-cash activities
Net change in fair value of securities available for sale, net of tax		$	(12,389	)		$	6,286
Loans transferred to foreclosed real estate			—				106

See accompanying notes

6

UWHARRIE CAPITAL CORP AND SUBSIDIARIES

Notes to Consolidated Financial Statements (Unaudited)

Note 1 – Basis of Presentation

The financial statements and accompanying notes are presented on a consolidated basis including Uwharrie Capital Corp (the “Company”) and its subsidiaries, Uwharrie Bank (the “Bank”), Uwharrie Investment Advisors, Inc. (“UIA”), and Uwharrie Mortgage, Inc. The Bank consolidates its subsidiaries, The Strategic Alliance Corporation (“TSAC”), BOS Agency, Inc. (“BOS Agency”) and Gateway Mortgage, Inc., each of which is wholly owned by the Bank.

The information contained in the consolidated financial statements is unaudited. In the opinion of management, the consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and material adjustments necessary for a fair presentation of results of interim periods, all of which are of a normal recurring nature, have been made. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for an entire year. Management is not aware of additional economic events, outside influences or changes in concentrations of business that would require additional clarification or disclosure in the consolidated financial statements.

The organization and business of the Company, accounting policies followed by the Company and other information are contained in the notes to consolidated financial statements filed as part of the Company’s 2025 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 5, 2026. This Quarterly Report should be read in conjunction with such Annual Report.

Use of Estimates

The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for credit losses.

Accounting Changes and Reclassifications

The Company’s significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in Note 1 of the audited financial statements for the year ended December 31, 2025 and are contained in the Company’s Annual Report on Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2025.

Note 2 – Comprehensive Income (Loss)

The Company reports as comprehensive income (loss) all changes in shareholders’ equity during the year from sources other than shareholders. Other comprehensive income (loss) refers to all components (revenues, expenses, gains, and losses) of comprehensive income (loss) that are excluded from net income. The Company’s only component of other comprehensive income (loss) is unrealized gains and losses, net of income tax, on investment securities available for sale.

The following table presents the changes in accumulated other comprehensive loss for the three and nine months ended September 30, 2026 and 2025:

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2026				2025				2026				2025
		(dollars in thousands)
Beginning balance		$	(17,131	)		$	(21,503	)		$	(16,555	)		$	(24,727	)
Other comprehensive income (loss) before reclassifications,    net of $3,322, ($900), $3,428, and ($1,847) tax effect, respectively			(11,835	)			3,062				(12,265	)			6,286
Amounts reclassified from accumulated other comprehensive income (loss),    net of ($6), $0, $34, and $0 tax effect, respectively			22				—				(124	)			—
Net current-period other comprehensive income (loss)			(11,813	)			3,062				(12,389	)			6,286
Ending balance		$	(28,944	)		$	(18,441	)		$	(28,944	)		$	(18,441	)

7

Note 3 – Noncontrolling Interest

In 2013, the Company’s subsidiary bank issued a total of $10.7 million of Fixed Rate Noncumulative Perpetual Preferred Stock, Series B and Series C. The preferred stock qualifies as Tier 1 capital at the Bank and pays dividends at an annual rate of 5.30%. The preferred stock has no voting rights. This capital is presented as noncontrolling interest in the consolidated balance sheets. Dividends declared on this preferred stock are presented as earnings allocated to the noncontrolling interest in the consolidated statements of income.

Note 4 – Per Share Data

On October 20, 2026, the Company's Board of Directors declared a 3% stock dividend payable November 23, 2026 to shareholders of record on November 5, 2026. All information in the accompanying consolidated financial statements regarding earnings per share and weighted average number of shares outstanding has been computed giving effect to this stock dividend. The weighted average number of shares outstanding and earnings per share for the 2025 periods have also been adjusted for the 3% stock dividend declared on October 28, 2025.

Basic and diluted net income per common share is computed based on the weighted average number of shares outstanding during each period after retroactively adjusting for stock dividends. Diluted net income per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the net income of the Company. The Company had no stock options outstanding at September 30, 2026 or December 31, 2025.

Basic and diluted net income per common share have been computed based upon net income available to common shareholders as presented in the accompanying consolidated statements of income divided by the weighted average number of common shares outstanding or assumed to be outstanding.

Note 5 – Investment and Equity Securities

Carrying amounts and fair values of securities available for sale and held to maturity are summarized below:

September 30, 2026		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(dollars in thousands)
Securities available for sale:
U.S. Treasury		$	27,590			$	—			$	2,148			$	25,442
U.S. government agencies			49,395				109				1,040				48,464
GSE - Mortgage-backed securities and CMOs			199,377				134				13,825				185,686
Asset-backed securities			17,455				263				14				17,704
State and political subdivisions			116,566				—				20,817				95,749
Corporate bonds			2,000				—				45				1,955
Total securities available for sale		$	412,383			$	506			$	37,889			$	375,000

September 30, 2026		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value				Allowance for Credit Losses				Net Carrying Amount
		(dollars in thousands)
Securities held to maturity:
State and political subdivisions		$	11,593			$	—			$	2,156			$	9,437			$	—			$	11,593
Corporate bonds			7,050				—				394				6,656				30				7,020
Total securities held to maturity		$	18,643			$	—			$	2,550			$	16,093			$	30			$	18,613

8

December 31, 2025		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(dollars in thousands)
Securities available for sale:
U.S. Treasury		$	25,753			$	—			$	1,756			$	23,997
U.S. government agencies			45,862				95				729				45,228
GSE - Mortgage-backed securities and CMOs			182,088				839				8,173				174,754
Asset-backed securities			20,726				271				32				20,965
State and political subdivisions			100,843				221				12,178				88,886
Corporate bonds			4,000				—				90				3,910
Total securities available for sale		$	379,272			$	1,426			$	22,958			$	357,740

December 31, 2025		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value				Allowance for Credit Losses				Net Carrying Amount
		(dollars in thousands)
Securities held to maturity:
State and political subdivisions		$	11,692			$	—			$	1,133			$	10,559			$	—			$	11,692
Corporate bonds			10,300				—				651				9,649				45				10,255
Total securities held to maturity		$	21,992			$	—			$	1,784			$	20,208			$	45			$	21,947

The Company owned Federal Reserve Bank (“FRB”) stock reported at cost of $959,000 at September 30, 2026 and December 31, 2025. The Company owned Federal Home Loan Bank (“FHLB”) stock reported at cost of $866,000 and $819,000 at September 30, 2026 and December 31, 2025, respectively. The investments in FRB stock and FHLB stock are required investments related to the Company’s membership in, and borrowings with, these banks and are classified as restricted stock in the consolidated balance sheets. These investments are carried at cost since there is no ready market and redemption has historically been made at par value. The Company estimated that the fair value approximated cost and that these investments were not impaired at September 30, 2026.

There is no allowance for credit losses on available-for-sale securities. The following table shows a rollforward of the allowance for credit losses on held-to-maturity securities for the nine months ended September 30, 2026.

		State and political subdivisions				Corporate bonds				Total
		(dollars in thousands)
Balance, December 31, 2025		$	—			$	45			$	45
Recovery of credit losses			—				(15	)			(15	)
Charge-offs of securities			—				—				—
Recoveries			—				—				—
Balance, September 30, 2026		$	—			$	30			$	30

On a quarterly basis, the Company monitors the credit quality of the debt securities held to maturity through the use of credit ratings. For unrated securities, primarily corporate bonds consisting of subordinated debt of bank holding companies, individual financial reports are reviewed quarterly. Capital, profitability, liquidity and other ratios are reviewed to assist in determining credit quality.

The following table summarizes the credit ratings of debt securities held to maturity, presented at amortized cost, by major security type at September 30, 2026.

September 30, 2026		State and political subdivisions				Corporate bonds				Total
		(dollars in thousands)
Aaa		$	—			$	—			$	—
Aa1/Aa2/Aa3			10,996				—				10,996
A1/A2			—				—				—
BBB			—				—				—
Not rated			597				7,050				7,647
Total		$	11,593			$	7,050			$	18,643

9

At September 30, 2026, the Company had no securities held to maturity that were past due 30 days or more as to principal or interest payments. The Company had no securities held to maturity classified as nonaccrual for the nine months ended September 30, 2026.

Results from sales of securities available for sale during the three and nine-month periods ended September 30, 2026 and 2025, respectively, were as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
		(dollars in thousands)
Gross proceeds from sales		$	1,302			$	—			$	31,119			$	—
Realized gains from sales		$	—			$	—			$	289			$	—
Realized losses from sales			28				—				131				—
Net realized gains (losses)		$	(28	)		$	—			$	158			$	—

At September 30, 2026 and December 31, 2025, securities available for sale with a carrying amount of $183.0 million and $167.4 million, respectively, were pledged as collateral on public deposits and for other purposes as required or permitted by law.

The following tables show the gross unrealized losses and estimated fair value of available-for-sale securities, for which an allowance has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2026 and December 31, 2025.

		Less than 12 Months												12 Months or More												Total
September 30, 2026		Number of Securities				Fair Value				Unrealized Losses				Number of Securities				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
						(dollars in thousands)
Securities available for sale:
U.S. Treasury			1			$	1,999			$	15				5			$	23,443			$	2,133			$	25,442			$	2,148
U.S. government agencies			8				13,483				367				28				19,826				673				33,309				1,040
GSE-Mortgage-backed securities and CMOs			46				93,493				4,095				53				75,385				9,730				168,878				13,825
Asset-backed securities			3				3,342				10				1				520				4				3,862				14
State and political subdivisions			23				31,897				2,963				56				63,852				17,854				95,749				20,817
Corporate bonds			—				—				—				1				1,955				45				1,955				45
Total securities available for sale			81			$	144,214			$	7,450				144			$	184,981			$	30,439			$	329,195			$	37,889

		Less than 12 Months												12 Months or More												Total
December 31, 2025		Number of Securities				Fair Value				Unrealized  Losses				Number of Securities				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
						(dollars in thousands)
Securities available for sale
U.S. Treasury			—			$	—			$	—				5			$	23,997			$	1,756			$	23,997			$	1,756
U.S. government agencies			11				13,378				56				28				18,932				673				32,310				729
GSE-Mortgage-backed securities and CMOs			11				23,048				177				61				94,444				7,996				117,492				8,173
Asset-backed securities			1				466				2				4				4,316				30				4,782				32
State and political subdivisions			4				5,376				113				57				72,704				12,065				78,080				12,178
Corporate bonds			—				—				—				2				3,910				90				3,910				90
Total securities available for sale			27			$	42,268			$	348				157			$	218,303			$	22,610			$	260,571			$	22,958

Declines in the fair value of the available-for-sale investment portfolio are believed by management to be temporary in nature. When evaluating an investment for credit loss, management considers, among other things, the length of time and extent to which the fair value has been in a loss position; the financial condition of the issuer through the review of credit ratings and, if necessary, corporate financial statements; adverse conditions specifically related to the security such as past due principal or interest; underlying assets that collateralize the debt security; other economic conditions and demographics; and the intent and ability of the Company to hold the investment until the loss position is recovered. Any unrealized losses were largely due to increases in market interest rates over the yields available at the time of purchase. The fair value is expected to recover as the bonds approach their maturity date or market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. At September 30, 2026, the Company did not intend to sell, and believed it was not likely to be required to sell, the available-for-sale securities that were in a loss position prior to full recovery.

10

The following tables show contractual maturities of the investment portfolio as of September 30, 2026:

		September 30, 2026
		Amortized Cost				Estimated Fair Value				Book Yield
		(dollars in thousands)
Securities available for sale:
Due within twelve months			—				—				—
Due after one but within five years			59,609				55,444				1.80	%
Due after five but within ten years			75,093				67,117				2.93	%
Due after ten years			277,681				252,439				3.93	%
		$	412,383			$	375,000				3.44	%

		September 30, 2026
		Amortized Cost				Estimated Fair Value				Book Yield
		(dollars in thousands)
Securities held to maturity:
Due after one but within five years			4,800				4,602				7.01	%
Due after five but within ten years			4,817				4,433				3.15	%
Due after ten years			9,026				7,058				3.39	%
		$	18,643			$	16,093				4.26	%

During the second quarter of 2026, the Company participated in Visa Inc.’s exchange offer for holders of Visa Class B-1 common stock. The Company exchanged 2,202 shares of Visa Class B-1 common stock for 550 shares of Visa Class B-3 common stock and 633 shares of Visa Class C common stock. In connection with the exchange, the Company received cash in lieu of fractional shares totaling less than $1,000.

The exchanged Visa Class B-1 common stock had no carrying value. The Visa Class B-3 common stock received in the exchange represents a continuation of the Company’s restricted ownership interest and, therefore, no carrying value was assigned to the Class B-3 shares received. Accordingly, the Company recognized a gain of $827,000, which includes the fair value of the Visa Class C common stock received of approximately $826,000 and cash received in lieu of fractional shares. The gain is reflected in realized/unrealized gain (loss) on equity securities in the consolidated statements of income. By September 30, 2026, the Company had converted and sold all 633 shares of Visa Class C common stock received in the exchange.

The portion of unrealized gains and losses for the three and nine months ended September 30, 2026 and 2025 related to equity securities still held at the reporting date is calculated as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
		(dollars in thousands)
Gross proceeds from sales		$	593			$	—			$	863			$	—
Net gains (losses) recognized during the period on equity securities		$	(16	)		$	7			$	2			$	(2	)
Less: Net gains (losses) recognized from equity securities sold during the period			42				—				36				—
Unrealized gains (losses) recognized during the period on equity securities still held at the reporting date		$	(58	)		$	7			$	(34	)		$	(2	)

11

Note 6 – Loans Held for Investment

The composition of net loans held for investment by class as of September 30, 2026 and December 31, 2025 was as follows:

		September 30, 2026				December 31, 2025
		(dollars in thousands)
Commercial
Commercial		$	113,730			$	110,088
Real estate - commercial			253,825				255,850
Other real estate construction loans			70,489				57,247
Other loans			5,244				4,683
Noncommercial
Real estate 1-4 family construction			18,440				19,453
Real estate - residential			150,677				158,556
Home equity			80,422				73,262
Consumer loans			9,085				9,611
			701,912				688,750
Less:
Allowance for credit losses			(5,763	)			(6,420	)
Deferred loan costs, net			838				812
Loans held for investment, net		$	696,987			$	683,142

Note 7 – Allowance for Credit Losses on Loans

The following tables summarize the activity related to the allowance for credit losses on loans for the three and nine months ended September 30, 2026 and 2025.

		Commercial Loans																Noncommercial Loans
		Commercial				Real estate commercial				Other real estate construction				Other loans				Real estate 1-4 family construction				Real estate residential				Home equity				Consumer				Total
		(dollars in thousands)
Balance, June 30, 2026		$	1,318			$	2,367			$	479			$	19			$	69			$	938			$	680			$	116			$	5,986
Provision for (recovery of) credit losses			(93	)			12				(4	)			—				(14	)			(90	)			(34	)			(11	)			(234	)
Charge-offs			—				—				—				—				—				—				—				(17	)			(17	)
Recoveries			11				—				—				—				—				1				4				12				28
Net (charge-offs) recoveries			11				—				—				—				—				1				4				(5	)			11
Balance, September 30, 2026		$	1,236			$	2,379			$	475			$	19			$	55			$	849			$	650			$	100			$	5,763

		Commercial Loans																Noncommercial Loans
		Commercial				Real estate commercial				Other real estate construction				Other loans				Real estate 1-4 family construction				Real estate residential				Home equity				Consumer				Total
		(dollars in thousands)
Balance, June 30, 2025		$	1,333			$	2,361			$	409			$	15			$	99			$	1,264			$	651			$	99			$	6,231
Provision for (recovery of) credit losses			65				(24	)			17				1				(11	)			2				128				14				192
Charge-offs			(10	)			—				—				—				—				—				(89	)			(37	)			(136	)
Recoveries			43				—				—				—				—				1				2				23				69
Net (charge-offs) recoveries			33				—				—				—				—				1				(87	)			(14	)			(67	)
Balance, September 30, 2025		$	1,431			$	2,337			$	426			$	16			$	88			$	1,267			$	692			$	99			$	6,356

12

		Commercial Loans																Noncommercial Loans
		Commercial				Real estate commercial				Other real estate construction				Other loans				Real estate 1-4 family construction				Real estate residential				Home equity				Consumer				Total
		(dollars in thousands)
Balance, December 31, 2025		$	1,479			$	2,420			$	487			$	15			$	83			$	1,155			$	687			$	94			$	6,420
Provision for (recovery of) credit losses			(334	)			(41	)			(12	)			4				(28	)			(307	)			(48	)			45				(721	)
Charge-offs			(20	)			—				—				—				—				(1	)			—				(92	)			(113	)
Recoveries			111				—				—				—				—				2				11				53				177
Net (charge-offs) recoveries			91				—				—				—				—				1				11				(39	)			64
Balance, September 30, 2026		$	1,236			$	2,379			$	475			$	19			$	55			$	849			$	650			$	100			$	5,763

		Commercial Loans																Noncommercial Loans
		Commercial				Real estate commercial				Other real estate construction				Other loans				Real estate 1-4 family construction				Real estate residential				Home equity				Consumer				Total
		(dollars in thousands)
Balance, December 31, 2024		$	1,528			$	2,266			$	412			$	18			$	56			$	781			$	588			$	175			$	5,824
Provision for (recovery of) credit losses			(65	)			71				14				(2	)			32				484				190				(2	)			722
Charge-offs			(123	)			—				—				—				—				—				(89	)			(115	)			(327	)
Recoveries			91				—				—				—				—				2				3				41				137
Net (charge-offs) recoveries			(32	)			—				—				—				—				2				(86	)			(74	)			(190	)
Balance, September 30, 2025		$	1,431			$	2,337			$	426			$	16			$	88			$	1,267			$	692			$	99			$	6,356

Past due loan information is used by management when assessing the adequacy of the allowance for credit losses. The following tables summarize the past due information of the loan portfolio by class as of the dates indicated:

September 30, 2026		Loans 30-89 Days Past Due				Nonaccrual Loans				Total Past Due Loans				Current Loans				Total Loans				Accruing Loans 90 Days or More Past Due
		(dollars in thousands)
Commercial		$	14			$	—			$	14			$	113,716			$	113,730			$	—
Real estate - commercial			517				—				517				253,389				253,906				—
Other real estate construction			96				—				96				70,393				70,489				—
Real estate 1-4 family construction			—				—				—				18,440				18,440				—
Real estate - residential			654				475				1,129				150,305				151,434				—
Home equity			43				253				296				80,126				80,422				—
Consumer loans			10				11				21				9,064				9,085				—
Other loans			—				—				—				5,244				5,244				—
Total		$	1,334			$	739			$	2,073			$	700,677			$	702,750			$	—

December 31, 2025		Loans 30-89 Days Past Due				Nonaccrual Loans				Total Past Due Loans				Current Loans				Total Loans				Accruing Loans 90 Days or More Past Due
		(dollars in thousands)
Commercial		$	22			$	—			$	22			$	110,066			$	110,088			$	—
Real estate - commercial			—				—				—				255,944				255,944				—
Other real estate construction			—				—				—				57,247				57,247				—
Real estate 1-4 family construction			—				—				—				19,453				19,453				—
Real estate - residential			561				179				740				158,534				159,274				—
Home equity			104				199				303				72,959				73,262				—
Consumer loan			13				—				13				9,598				9,611				—
Other loans			—				—				—				4,683				4,683				—
Total		$	700			$	378			$	1,078			$	688,484			$	689,562			$	—

The carrying value of foreclosed properties held as other real estate was $0 at September 30, 2026 and December 31, 2025. The Company had $147,000 of residential real estate in process of foreclosure at September 30, 2026 and no residential real estate in process of foreclosure at December 31, 2025.

13

Once a loan becomes 90 days past due, the loan is automatically transferred to a nonaccrual status. The exception to this policy is credit card loans that remain in accruing status 90 days or more until they are paid current or charged off. The composition of nonaccrual loans by class as of September 30, 2026 and December 31, 2025 was as follows:

		September 30, 2026												Nine Months Ended
		Nonaccrual Loans				Nonaccrual Loans				Total Nonaccrual				September 30, 2026
		with No Allowance				with an Allowance				Loans				Interest Income
		(dollars in thousands)
Commercial		$	—			$	—			$	—			$	—
Real estate - commercial			—				—				—				—
Other real estate construction			—				—				—				—
Real estate 1-4 family construction			—				—				—				—
Real estate - residential			30				445				475				33
Home equity			15				238				253				12
Consumer loans			—				11				11				2
Other loans			—				—				—				—
		$	45			$	694			$	739			$	47

		December 31, 2025												Nine Months Ended
		Nonaccrual Loans				Nonaccrual Loans				Total Nonaccrual				September 30, 2025
		with No Allowance				with an Allowance				Loans				Interest Income
		(dollars in thousands)
Commercial		$	—			$	—			$	—			$	—
Real estate - commercial			—				—				—				—
Other real estate construction			—				—				—				—
Real estate 1-4 family construction			—				—				—				—
Real estate - residential			—				179				179				12
Home equity			—				199				199				6
Consumer loans			—				—				—				—
Other loans			—				—				—				—
		$	—			$	378			$	378			$	18

Loans that are in nonaccrual status or 90 days or more past due and still accruing are considered to be nonperforming. At both September 30, 2026 and December 31, 2025, there were no loans 90 days or more past due and still accruing. The following tables show the breakdown between performing and nonperforming loans by class at September 30, 2026 and December 31, 2025:

September 30, 2026		Performing				Nonperforming				Total
		(dollars in thousands)
Commercial		$	113,730			$	—			$	113,730
Real estate - commercial			253,906				—				253,906
Other real estate construction			70,489				—				70,489
Real estate 1-4 family construction			18,440				—				18,440
Real estate - residential			150,959				475				151,434
Home equity			80,169				253				80,422
Consumer loans			9,074				11				9,085
Other loans			5,244				—				5,244
Total		$	702,011			$	739			$	702,750

December 31, 2025		Performing				Nonperforming				Total
		(dollars in thousands)
Commercial		$	110,088			$	—			$	110,088
Real estate - commercial			255,944				—				255,944
Other real estate construction			57,247				—				57,247
Real estate 1-4 family construction			19,453				—				19,453
Real estate - residential			159,095				179				159,274
Home equity			73,063				199				73,262
Consumer loans			9,611				—				9,611
Other loans			4,683				—				4,683
Total		$	689,184			$	378			$	689,562

14

Loans that do not share the same risk characteristics as loans in the collectively assessed population will be individually assessed. Individually assessed loans determined to be collateral dependent are evaluated based on the fair value of the underlying collateral, as repayment is expected to be derived through the operation or sale of the collateral. When management determines that foreclosure is probable and the borrower is experiencing financial difficulty, the expected credit losses are measured using the fair value of collateral at the reporting date, adjusted for selling costs as appropriate. Loans that are not deemed collateral dependent are assigned a probability of default based on default history. If the loan has defaulted, it will be assigned a 100% probability of default; otherwise, it will be assigned a probability of default based on the Company's historical experience, which is higher than the forecasted probability of default applied in the collectively assessed portfolio.

The following table details the amortized cost of individually assessed collateral dependent loans and any related allowance at September 30, 2026 and December 31, 2025.

		September 30, 2026								December 31, 2025
		Amortized Cost				Allowance for Credit Losses				Amortized Cost				Allowance for Credit Losses
		(dollars in thousands)
Commercial		$	—			$	—			$	—			$	—
Real estate - commercial			516				189				—				—
Other real estate construction			—				—				—				—
Real estate 1-4 family construction			16				—				—				—
Real estate - residential			29				—				—				—
Home equity			—				—				—				—
Consumer loans			—				—				—				—
Other loans			—				—				—				—
Total		$	561			$	189			$	—			$	—

Management uses a risk-grading program to facilitate the evaluation of probable inherent loan losses and to measure the adequacy of the allowance for credit losses on loans. In this program, risk grades are initially assigned by the loan officers and reviewed and monitored by the lenders and credit administration. The program has nine risk grades summarized in six categories as follows:

Pass: Loans that are pass grade credits include loans that are fundamentally sound, with risk factors that are reasonable and acceptable. They generally conform to policy with only minor exceptions; any major exceptions are clearly mitigated by other economic factors.

Watch: Loans that are acceptable but show signs of weakness in either adequate sources of repayment or collateral but have demonstrated mitigating factors that minimize the risk of delinquency or loss. These loans may deserve management’s attention.

Special Mention: Loans that exhibit potential weakness that deserves management’s close attention. Credits within this category exhibit risk that is increasing beyond the point where the loan would have been originally approved.

Substandard: Loans that are considered substandard are loans that are inadequately protected by the current sound net worth and paying capacity of the obligor or the value of the collateral pledged. All nonaccrual loans are graded as substandard.

Doubtful: Loans that are considered to be doubtful have all weaknesses inherent in loans classified substandard, plus the added characteristic that the weaknesses make the collection or liquidation in full on the basis of current existing facts, conditions and values highly questionable and improbable.

Loss: Loans that are considered to be a loss are considered to be uncollectible and of such little value that their continuance as bankable assets is not warranted.

15

The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of September 30, 2026:

September 30, 2026		Term Loans by Year of Origination
		2026				2025				2024				2023				2022				Prior				Revolving				Total
		(dollars in thousands)
Commercial
Pass		$	16,751			$	35,301			$	16,329			$	8,325			$	8,431			$	11,418			$	16,325			$	112,880
Watch			166				—				—				—				—				615				69				850
Special Mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—
Total commercial			16,917				35,301				16,329				8,325				8,431				12,033				16,394				113,730
Real estate - commercial
Pass			30,663				28,271				34,289				37,695				37,575				80,198				2,436				251,127
Watch			—				—				—				—				—				131				89				220
Special Mention			—				—				—				2,231				—				18				—				2,249
Substandard			—				—				—				—				—				310				—				310
Total real estate - commercial			30,663				28,271				34,289				39,926				37,575				80,657				2,525				253,906
Other real estate construction
Pass			31,432				15,287				8,664				2,070				1,912				5,779				1,210				66,354
Watch			—				4,135				—				—				—				—				—				4,135
Special Mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—
Total other real estate construction			31,432				19,422				8,664				2,070				1,912				5,779				1,210				70,489
Real estate 1-4 family construction
Pass			9,406				6,404				2,630				—				—				—				—				18,440
Watch			—				—				—				—				—				—				—				—
Special Mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—
Total real estate 1-4 family construction			9,406				6,404				2,630				—				—				—				—				18,440
Real estate - residential
Pass			17,490				22,392				19,603				26,047				25,266				36,392				2,397				149,587
Watch			260				—				—				—				—				668				—				928
Special Mention			—				—				—				96				—				132				—				228
Substandard			—				—				—				—				170				521				—				691
Total real estate - residential			17,750				22,392				19,603				26,143				25,436				37,713				2,397				151,434
Home equity
Pass			153				52				67				579				340				2,170				76,664				80,025
Watch			—				—				—				—				13				55				—				68
Special Mention			—				—				—				75				—				—				—				75
Substandard			—				—				—				48				96				110				—				254
Total home equity			153				52				67				702				449				2,335				76,664				80,422
Consumer loans
Pass			2,442				1,347				1,020				459				298				278				3,230				9,074
Watch			—				—				—				—				—				—				—				—
Special Mention			—				—				—				—				—				—				—				—
Substandard			—				11				—				—				—				—				—				11
Total consumer loans			2,442				1,358				1,020				459				298				278				3,230				9,085
Other loans
Pass			754				53				553				—				1,589				2,295				—				5,244
Watch			—				—				—				—				—				—				—				—
Special Mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—
Total other loans			754				53				553				—				1,589				2,295				—				5,244
Total Pass			109,091				109,107				83,155				75,175				75,411				138,530				102,262				692,731
Total Watch			426				4,135				—				—				13				1,469				158				6,201
Total Special Mention			—				—				—				2,402				—				150				—				2,552
Total Substandard			—				11				—				48				266				941				—				1,266
Total loans		$	109,517			$	113,253			$	83,155			$	77,625			$	75,690			$	141,090			$	102,420			$	702,750

During the nine months ended September 30, 2026, sixty-two loans totaling $715,000 were converted from revolving to term loans.

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The following table presents the Company’s recorded investment in loans by credit quality indicators by year of origination as of December 31, 2025:

December 31, 2025		Term Loans by Year of Origination
		2025				2024				2023				2022				2021				Prior				Revolving				Total
		(dollars in thousands)
Commercial
Pass		$	41,614			$	18,998			$	10,134			$	9,822			$	4,665			$	9,300			$	14,673			$	109,206
Watch			40				—				3				—				640				39				160				882
Special Mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—
Total commercial			41,654				18,998				10,137				9,822				5,305				9,339				14,833				110,088
Real estate - commercial
Pass			33,690				44,721				38,979				43,708				35,143				52,174				2,666				251,081
Watch			—				—				—				—				—				148				85				233
Special Mention			—				—				4,267				—				—				24				—				4,291
Substandard			—				—				—				—				—				339				—				339
Total real estate - commercial			33,690				44,721				43,246				43,708				35,143				52,685				2,751				255,944
Other real estate construction
Pass			20,951				14,474				8,480				3,754				1,778				4,633				1,330				55,400
Watch			1,847				—				—				—				—				—				—				1,847
Special Mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—
Total other real estate construction			22,798				14,474				8,480				3,754				1,778				4,633				1,330				57,247
Real estate 1-4 family construction
Pass			12,819				6,634				—				—				—				—				—				19,453
Watch			—				—				—				—				—				—				—				—
Special Mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—
Total real estate 1-4 family construction			12,819				6,634				—				—				—				—				—				19,453
Real estate - residential
Pass			30,041				24,409				31,429				29,022				19,789				20,706				2,268				157,664
Watch			322				—				—				—				200				446				—				968
Special Mention			—				—				99				—				117				22				—				238
Substandard			—				—				—				—				—				404				—				404
Total real estate - residential			30,363				24,409				31,528				29,022				20,106				21,578				2,268				159,274
Home equity
Pass			52				43				610				332				254				2,100				69,507				72,898
Watch			—				—				—				15				—				75				—				90
Special Mention			—				—				75				—				—				—				—				75
Substandard			—				—				—				96				103				—				—				199
Total home equity			52				43				685				443				357				2,175				69,507				73,262
Consumer loans
Pass			3,014				1,800				865				456				62				278				3,086				9,561
Watch			—				50				—				—				—				—				—				50
Special Mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—
Total consumer loans			3,014				1,850				865				456				62				278				3,086				9,611
Other loans
Pass			66				567				—				1,597				1,071				1,382				—				4,683
Watch			—				—				—				—				—				—				—				—
Special Mention			—				—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—				—
Total other loans			66				567				—				1,597				1,071				1,382				—				4,683
Total Pass			142,247				111,646				90,497				88,691				62,762				90,573				93,530				679,946
Total Watch			2,209				50				3				15				840				708				245				4,070
Total Special Mention			—				—				4,441				—				117				46				—				4,604
Total Substandard			—				—				—				96				103				743				—				942
Total loans		$	144,456			$	111,696			$	94,941			$	88,802			$	63,822			$	92,070			$	93,775			$	689,562

During the year ended December 31, 2025, ninety-nine loans totaling $10.4 million were converted from revolving to term loans.

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The following tables present gross charge-offs by origination date as of September 30, 2026 and December 31, 2025:

September 30, 2026		Gross Loan Charge-offs by Year of Origination
		2026				2025				2024				2023				2022				Prior				Revolving				Total
		(dollars in thousands)
Commercial
Commercial		$	—			$	9			$	—			$	—			$	—			$	—			$	11			$	20
Real estate - commercial			—				—				—				—				—				—				—				—
Other real estate construction			—				—				—				—				—				—				—				—
Other loans			—				—				—				—				—				—				—				—
Noncommercial
Real estate 1-4 family construction			—				—				—				—				—				—				—				—
Real estate - residential			—				—				—				—				1				—				—				1
Home equity			—				—				—				—				—				—				—				—
Consumer loans			—				20				54				6				—				3				9				92
Total charge-offs		$	—			$	29			$	54			$	6			$	1			$	3			$	20			$	113

December 31, 2025		Gross Loan Charge-offs by Year of Origination
		2025				2024				2023				2022				2021				Prior				Revolving				Total
		(dollars in thousands)
Commercial
Commercial		$	—			$	9			$	—			$	16			$	88			$	—			$	10			$	123
Real estate - commercial			—				—				—				—				—				—				—				—
Other real estate construction			—				—				—				—				—				—				—				—
Other loans			—				—				—				—				—				—				—				—
Noncommercial
Real estate 1-4 family construction			—				—				—				—				—				—				—				—
Real estate - residential			—				—				—				—				—				—				—				—
Home equity			—								—				—				—				89				—				89
Consumer loans			—				33				7				2				—				2				86				130
Total charge-offs		$	—			$	42			$	7			$	18			$	88			$	91			$	96			$	342

Modifications to Borrowers Experiencing Financial Difficulty

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a probability of default/loss given default model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses due to the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. The Company rarely modifies loans by providing principal forgiveness. When principal forgiveness is provided, the amortized cost basis of the asset is written off against the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit losses. In some cases, the Company will modify a loan by providing multiple types of concessions. Typically one type of concession is granted initially. If the borrower continues to experience financial difficulty, another concession may be granted. Types of concessions include term extensions beyond customary terms, capitalization of accrued interest, interest rate reductions to below current market rates, payment deferrals or principal forgiveness.

There were no loans modified for borrowers experiencing financial difficulty during the nine months ended September 30, 2026 or during the twelve months ended December 31, 2025. As such, the Company did not have any loans made to borrowers experiencing financial difficulty that were modified during the nine months ended September 30, 2026 or during the twelve months ended December 31, 2025 that subsequently defaulted. A default on a modified loan is defined as being past due 90 days or being out of compliance with the modification agreement. The Company closely monitors the performance of the loans that are modified for borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts.

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Note 8 - Leases

Operating leases in which we are the lessee are recorded as operating lease right of use (“ROU”) assets and operating lease liabilities, included in premises and equipment and other liabilities, respectively, on our consolidated balance sheets. Operating lease ROU assets represent our right to use an underlying asset during the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents our incremental collateralized borrowing rate at the lease commencement date. ROU assets are further adjusted for any lease incentives. Operating lease expense, which is composed of amortization of the ROU asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term and is recorded in the net occupancy expense in the consolidated statements of income. We do not currently have any finance leases in which we are the lessee.

As of September 30, 2026, the Company had two active operating leases, both of which are branch locations. During the third quarter of 2026, one lease expired upon completion of its contractual term, and a second lease was terminated in connection with the Company’s relocation to its new branch location in Mount Pleasant, North Carolina. Certain lease arrangements contain extension options which range from five to ten years at the then fair market rental rates. As these extension options are not generally considered reasonably certain of exercise, they are not included in the lease term. As of September 30, 2026, operating lease ROU assets were $388,000 and the operating lease liability was $414,000, compared to operating lease ROU assets of $713,000 and an operating lease liability of $768,000 at December 31, 2025. Lease costs associated with all leases were $106,000 and $317,000 for the three and nine months ended September 30, 2026, respectively.

The table below summarizes other information related to our operating leases for the nine months ended September 30, 2026 and 2025:

		Nine Months Ended September 30,
		2026				2025
		(in thousands except percent and period data)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	348			$	340
Right-of-use assets obtained in exchange for new operating lease liabilities			—				—
Weighted-average remaining lease term - operating leases, in years			1.9				2.4
Weighted-average discount rate - operating leases			3.06	%			2.74	%

The table below summarizes the maturity of remaining lease liabilities at September 30, 2026:

		September 30, 2026
		(dollars in thousands)
2026		$	61
2027			248
2028			97
2029			20
2030			-
Thereafter			-
Total lease payments			426
Less: Interest			(12	)
Present value of lease liabilities		$	414

Note 9 - Commitments and Contingencies

The Company’s subsidiary bank is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, lines of credit and standby letters of credit. These instruments involve elements of credit risk in excess of amounts recognized in the accompanying financial statements.

The Bank’s risk of loss with unfunded loans and lines of credit or standby letters of credit is represented by the contractual amount of these instruments. The Bank uses the same credit policies in making commitments under such instruments as it does for on-balance sheet instruments. The amount of collateral obtained, if any, is based on management’s credit evaluation of the borrower. Collateral held varies, but may include accounts receivable, inventory, real estate and time deposits with financial institutions. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Credit card commitments are unsecured.

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At September 30, 2026 and December 31, 2025, outstanding financial instruments whose contract amounts represent credit risk were approximately:

		September 30, 2026				December 31, 2025
		(dollars in thousands)
Commitments to extend credit		$	207,697			$	195,681
Credit card commitments			26,774				26,453
Standby letters of credit			6,386				8,020
Total commitments		$	240,857			$	230,154

The Company maintains an allowance for off-balance sheet credit exposures such as unfunded balances for existing lines of credit, commitments to extend future credit, as well as both standby and commercial letters of credit when there is a contractual obligation to extend credit and when this extension of credit is not unconditionally cancelable. The allowance for off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur, which is based on a historical funding study derived from internal information, and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which are the same loss rates that are used in computing the allowance for credit losses on loans. The allowance for credit losses for unfunded loan commitments of $123,000 and $160,000 at September 30, 2026 and December 31, 2025, respectively, is separately classified on the balance sheet within Other Liabilities.

The following table presents the balance and activity in the allowance for credit losses for unfunded loan commitments for the nine months ended September 30, 2026.

		Total Allowance for Credit Losses - Unfunded Loan Commitments
		(dollars in thousands)
Balance, December 31, 2025		$	160
Recovery of credit losses			(37	)
Balance, September 30, 2026		$	123

In connection with the exchange of the Company’s Visa Class B-1 common stock for Visa Class B-3 and Class C common stock, the Company entered into a make-whole agreement with Visa. The agreement may require the Company to fund a portion of future litigation escrow obligations associated with the exchanged shares under specified circumstances. Management has evaluated the arrangement and determined that any potential loss contingency is not presently estimable; therefore, no liability has been recorded as of September 30, 2026.

Note 10 – Fair Value Disclosures

Accounting Standards Codification (“ASC”) 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 does not require any new fair value measurements but clarifies and standardizes some divergent practices that have emerged since prior guidance was issued. ASC 820 creates a three-level hierarchy under which individual fair value estimates are to be ranked based on the relative reliability of the inputs used in the valuation.

ASC 820 defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which those assets or liabilities are sold and considers assumptions that market participants would use when pricing those assets or liabilities. Fair values determined using Level 1 inputs rely on active and observable markets to price identical assets or liabilities. In situations where identical assets and liabilities are not traded in active markets, fair values may be determined based on Level 2 inputs, which exist when observable data exists for similar assets and liabilities. Fair values for assets and liabilities for which identical or similar assets and liabilities are not actively traded in observable markets are based on Level 3 inputs, which are considered to be unobservable.

Among the Company’s assets and liabilities, investment securities available for sale and mortgage banking derivatives are reported at their fair values on a recurring basis. Certain other assets are adjusted to their fair value on a nonrecurring basis, including other real estate owned, individually evaluated loans, loans held for sale, which are carried at the lower of cost or market, and loan servicing rights, where fair value is determined using similar assets with similar characteristics, when available, or based upon discounted cash flows using market-based assumptions. Deposits, short-term borrowings and long-term obligations are not reported at fair value.

Prices for U.S. Treasury and marketable equity securities are readily available in the active markets in which those securities are traded, and the resulting fair values are shown in the Level 1 input column. Prices for government agency securities, mortgage-backed

20

securities, asset-backed securities, state, county and municipal securities and corporate bonds are obtained for similar securities, and the resulting fair values are shown in the Level 2 input column. Prices for all other non-marketable investments are determined based on various assumptions that are not observable. The fair values for these investment securities are shown in the Level 3 input column. Non-marketable investment securities, which are carried at their purchase price, include those that may only be redeemed by the issuer. The changes in securities between Level 1 and Level 2 were related to the purchase and sale of several securities and not the transfer of securities.

Mortgage banking derivatives, which are composed of interest rate lock commitments (“IRLCs”), mortgage forward sales commitments and to-be-announced mortgage-backed securities trades (“TBAs”), are recorded at fair value on a recurring basis. Fair value of the IRLCs is based on projected pull-through rates and anticipated margins based on changes in market interest rates. The Company considers these to be Level 3 valuations. The fair value of mortgage forward sales commitments and TBAs is based on the gain or loss that would occur if the Company were to pair-off the transaction at the measurement date and is considered to be a Level 2 input.

The Company does not record loans at fair value on a recurring basis. The Company measures expected credit losses on loans
held at amortized cost using the current expected credit loss model. Loans that do not share common risk characteristics with other loans are evaluated on an individual basis. For individually evaluated loans, expected credit losses are measured using one or more methods, which may include non-discounted cash flow analyses or the fair value of collateral. For collateral dependent loans, expected credit losses are measured based on the fair value of the collateral, less estimated costs to sell when foreclosure is probable. In certain circumstances, the fair value of collateral may exceed the amortized cost basis of the loan. If the fair value of collateral equals or exceeds the amortized cost basis of a collateral dependent loan, the measured expected credit loss is zero and no allowance is recorded for that loan. The Company generally determines the fair value of collateral using appraised values, which involve significant management judgment and are classified as Level 3 valuations within the fair value hierarchy.

Foreclosed assets are adjusted to fair value upon transfer of the loans to other real estate owned. Real estate acquired in settlement of loans is recorded initially at the estimated fair value of the property less estimated selling costs at the date of foreclosure. The initial recorded value may be subsequently reduced by additional allowances, which are charged to earnings if the estimated fair value of the property less estimated selling costs declines below the initial recorded value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. The Company typically bases the fair value of the collateral on appraised values, which the Company considers Level 3 valuations.

Loans originated and intended for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate, based on secondary market prices. Net unrealized losses, if any, are recognized through a valuation allowance by charges to income. These loans are recorded in Level 2.

The following tables provide fair value information for assets and liabilities measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025:

		September 30, 2026
		(dollars in thousands)
		Total				Level 1				Level 2				Level 3
Securities available for sale:
U.S. Treasury		$	25,442			$	25,442			$	—			$	—
U.S. government agencies			48,464				—				48,464				—
GSE - Mortgage-backed securities and CMOs			185,686				—				185,686				—
Asset-backed securities			17,704				—				17,704				—
State and political subdivisions			95,749				—				95,749				—
Corporate bonds			1,955				—				1,955				—
Equity securities			269				269				—				—
Mortgage banking derivatives			531				—				531				—
Total assets at fair value on a recurring basis		$	375,800			$	25,711			$	350,089			$	—
Mortgage banking derivatives		$	330			$	—			$	125			$	205
Total liabilities at fair value on a recurring basis		$	330			$	—			$	125			$	205

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		December 31, 2025
		(dollars in thousands)
		Total				Level 1				Level 2				Level 3
Securities available for sale:
U.S. Treasury		$	23,997			$	23,997			$	—			$	—
U.S. government agencies			45,228				—				45,228				—
GSE - Mortgage-backed securities and CMOs			174,754				—				174,754				—
Asset-backed securities			20,965				—				20,965				—
State and political subdivisions			88,886				—				88,886				—
Corporate bonds			3,910				—				3,910				—
Equity securities			303				303				—				—
Mortgage banking derivatives			883				—				38				845
Total assets at fair value on a recurring basis		$	358,926			$	24,300			$	333,781			$	845
Mortgage banking derivatives		$	58			$	—			$	58			$	—
Total liabilities at fair value on a recurring basis		$	58			$	—			$	58			$	—

The following table provides a rollforward for recurring Level 3 fair value measurements:

	September 30, 2026
	Mortgage banking derivatives: Interest rate lock commitments
	(dollars in thousands)
Balance at December 31, 2025	$	845
Change in fair value:
Included in income from mortgage banking		(1,050	)
Change in observability of significant inputs:
Included in income from mortgage banking		—
Balance at September 30, 2026	$	(205	)

The fair value of mortgage IRLCs at September 30, 2026 was calculated based on a notional amount of $25.5 million. Significant unobservable inputs are used to determine the fair value of these derivatives. At September 30, 2026, such inputs included anticipated margins to be earned based on market movement from the original lock date and a weighted average projected pull-through rate of 89.7% determined by loan product, loan stage, and loan purpose. The fair value of mortgage IRLCs at December 31, 2025 was calculated based on a notional amount of $25.3 million. Significant unobservable inputs were the same as those used for the nine months ended September 30, 2026 and assumed a weighted average projected pull-through rate of 88.5% at December 31, 2025. Changes in interest rates and other assumptions could significantly change these estimated values.

The Company may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These include assets, such as other real estate owned and individually evaluated loans deemed to be collateral dependent, that are measured at the lower of cost or market value that were recognized at fair value less cost to sell at the end of the period. Assets measured at fair value on a nonrecurring basis are included in the table below as of September 30, 2026. There were no assets for which a nonrecurring fair value adjustment was required as of December 31, 2025.

		September 30, 2026
		(dollars in thousands)
		Total				Level 1				Level 2				Level 3
Individually evaluated loans		$	373			$	—			$	—			$	373
Total assets at fair value on a nonrecurring basis		$	373			$	—			$	—			$	373

The following table provides quantitative information about Level 3 fair value measurements:

September 30, 2026		Valuation Technique		Unobservable Input		General Range
Nonrecurring measurements:
Individually evaluated loans		Discounted appraisals		Collateral discounts and estimated costs to sell		5 - 20%

22

Note 11 – Fair Values of Financial Instruments

ASC 825, “Disclosures about Fair Value of Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those that are not measured and reported at fair value on a recurring basis or nonrecurring basis.

The fair value estimates presented at September 30, 2026 and December 31, 2025, are based on relevant market information and information about the financial instruments. Fair value estimates are intended to represent the price an asset could be sold at or the price at which a liability could be settled. However, given there is no active market or observable market transactions for many of the Company’s financial instruments, the Company has made estimates of many of these fair values which are subjective in nature, involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimated values. The estimated fair values disclosed in the following table do not represent market values of all assets and liabilities of the Company and should not be interpreted to represent the underlying value of the Company.

The following tables reflect a comparison of carrying amounts and the estimated fair value of the financial instruments as of September 30, 2026 and December 31, 2025:

September 30, 2026		Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
		(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents		$	75,291			$	75,291			$	75,291			$	—			$	—
Securities available for sale			375,000				375,000				25,442				349,558				—
Securities held to maturity, net			18,613				16,093				—				9,436				6,657
Equity securities			269				269				269				—				—
Loans held for investment, net			696,987				664,089				—				—				664,089
Loans held for sale			6,588				6,588				—				6,588				—
Loan servicing assets			3,596				7,517				—				7,517				—
Mortgage banking derivatives			531				531				—				531				—
Accrued interest receivable			4,777				4,777				—				—				4,777
FINANCIAL LIABILITIES
Deposits		$	1,117,836				1,116,694				—				1,116,694				—
Short-term borrowings			152				152				—				152				—
Long-term borrowings			31,606				27,653				—				—				27,653
Mortgage banking derivatives			330				330				—				125				205
Accrued interest payable			436				436				—				—				436

December 31, 2025		Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
		(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents		$	73,329			$	73,329			$	73,329			$	—			$	—
Securities available for sale			357,740				357,740				23,997				333,743				—
Securities held to maturity, net			21,947				20,208				—				10,559				9,649
Equity securities			303				303				303				—				—
Loans held for investment, net			683,142				666,337				—				—				666,337
Loans held for sale			9,019				9,019				—				9,019				—
Loan servicing assets			3,702				7,413				—				7,413				—
Mortgage banking derivatives			883				883				—				38				845
Accrued interest receivable			4,428				4,428				—				—				4,428
FINANCIAL LIABILITIES
Deposits		$	1,080,781			$	1,080,610			$	—			$	1,080,610			$	—
Short-term borrowings			25				25				—				25				—
Long-term borrowings			29,048				27,369				—				—				27,369
Mortgage banking derivatives			58				58				—				58				—
Accrued interest payable			453				453				—				—				453

23

At September 30, 2026, the Company’s subsidiary bank had outstanding standby letters of credit and commitments to extend credit. These off-balance sheet financial instruments are generally exercisable at the market rate prevailing at the date the underlying transaction will be completed; therefore, the fair value is the fee the Bank is expected to receive. This amount is deemed immaterial by management. See Note 9 ("Commitments and Contingencies") to the Company’s Notes to Consolidated Financial Statements for more information regarding commitments and contingent liabilities.

Note 12 – Mortgage Banking Derivatives

The Company enters into IRLCs to originate loans whereby the interest rate on the loan is determined prior to funding. IRLCs on mortgage loans that will be held for resale are considered to be derivatives and must be accounted for at fair value on the balance sheet. Accordingly, such commitments are recorded at fair value in the mortgage banking derivatives asset or liability with changes in fair value recorded in income from mortgage banking within the consolidated statements of income. Fair value is based on anticipated margins determined by market movement from the original lock date and projected pull-through rates on a loan-by-loan basis based on loan product, loan stage, and loan purpose.

During the term of the IRLC, the Company is exposed to the risk that the interest rate will change from the rate quoted to the borrower. In an effort to mitigate interest rate risk, the Company also enters into mortgage forward sales commitments on a mandatory basis for future delivery of residential mortgage loans after an interest rate lock is committed to the borrower. Mandatory commitments require that the loan must be delivered to the investor or a pair-off fee be paid. These forward commitments are recorded at fair value in the mortgage banking derivatives asset or liability, and changes in fair value are recorded to income from mortgage banking within the consolidated statements of income. The fair value of the forward commitments is based on the gain or loss that would occur if the Company were to pair-off the transaction at the measurement date.

The Company also enters into purchase and sale agreements of TBAs. A TBA trade is a contract to buy or sell mortgage-backed securities on a specific date while the underlying mortgages are not announced until just prior to settlement. These TBA trades provide an economic hedge against the effect of changes in interest rates resulting from IRLCs. TBAs are accounted for as derivatives when either of the following conditions exist: (i) when settlement of the TBA trade is not expected to occur at the next regular settlement date (which is typically the next month) or (ii) a mechanism exists to settle the contract on a net basis. As a result, these instruments are recorded at fair value in the mortgage banking derivatives asset or liability with changes in fair value recorded in income from mortgage banking within the consolidated statements of income. The fair value of the TBA trades is based on the gain or loss that would occur if the Company were to pair-off the trade at the measurement date.

The following table reflects the notional amount and fair value of mortgage banking derivatives included in the balance sheet at fair value as of September 30, 2026 and December 31, 2025.

	Notional Amount				Fair Value
	(dollars in thousands)
Balance at September 30, 2026
Included in mortgage banking derivative assets:
To-be-announced mortgage-backed securities trades	$	23,000			$	531
Included in mortgage banking derivative liabilities:
Interest rate lock commitments		25,466				205
Forward sales commitments		6,065				125
Balance at December 31, 2025
Included in mortgage banking derivative assets:
Interest rate lock commitments	$	25,267			$	845
Forward sales commitments		3,452				38
Included in mortgage banking derivative liabilities:
To-be-announced mortgage-backed securities trades		22,250				58

24

Note 13 – Recent Accounting Pronouncements and Other Changes

In November 2024, the Financial Accounting Standards Board (the “FASB”) issued ASU 2024-03 “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” requiring public business entities to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments should be applied prospectively. The Company is currently evaluating the impact of this ASU but does not expect it to have a material effect on its consolidated financial statements.

From time to time the FASB issues exposure drafts of proposed statements of financial accounting standards. Such exposure drafts are subject to comment from the public, to revisions by the FASB and to final issuance by the FASB as statements of financial accounting standards. Management considers the effect of the proposed statements on the consolidated financial statements of the Company and monitors the status of changes to and proposed effective dates of exposure drafts.

Note 14 - Segment Reporting

The chief operating decision maker (“CODM”) of the Company is a group of individuals, also referred to as the Executive Management Team, consisting of the Chief Executive Officer, Chief Financial Officer, Chief Operations Officer and Chief Risk Officer. The Executive Management Team is responsible for allocating resources and assessing the performance of the Company.

Segments are defined as components of an enterprise for which discrete financial information is available and evaluated regularly by the CODM. The Executive Management Team has identified three operating segments within the Company, each with a manager that reports directly to the CODM. The Company’s business operating segments are determined based on the nature of the products or services provided and reflect the manner in which financial information is currently evaluated by the Executive Management Team. The three operating segments of the Company are as follows:

Banking Operations - This segment provides financial products and services to consumer and commercial customers in the form of deposit products, loan products and cash management services through branches, online banking, mobile banking and telephone banking. This segment is also responsible for the management of the investment portfolio. Significant components of noninterest income for this segment are service charges on deposits and interchange fees on card transactions. Significant noninterest expense is salaries and employee benefits.

Mortgage Banking - This segment reflects Uwharrie Bank Mortgage, a division of the Bank that specializes in originating and

servicing one-to-four family residential mortgage loans which are primarily sold on the secondary market. Loans sold to Fannie Mae or Freddie Mac are sold with servicing rights retained. Significant noninterest income for this segment is gain or loss on the sale of loans. Significant noninterest expense is salaries and employee benefits.

Wealth Management - This segment reflects investment advisory, broker-dealer and insurance services of UIA, TSAC and BOS

Agency, respectively. Significant noninterest income for this segment is service fees and commissions. Significant noninterest expense is salaries and employee benefits.

While the CODM monitors each segment’s pre-tax, pre-provision profit or loss, the primary measure for allocating resources to the operating segments during the annual budgeting process is net income. This measure is also used to assess the performance of each segment, with a focus on net interest income, noninterest income, and noninterest expense. The CODM conducts monthly income review meetings, where budget-to-actual variances for net income and pre-tax, pre-provision profit or loss and its components are analyzed. The Company provides a broad range of financial services as described above and aims to provide one place for its customers to satisfy all of their financial services needs. As such, many customers are shared under the “Uwharrie” umbrella as are certain costs to conduct business. Management regularly reviews the different revenue streams, but is aware that shared resources and costs of key corporate functions may not be fully allocated among the operating segments. The Executive Management Team believes it is appropriate to aggregate the three operating segments into one reportable segment. A review of quantitative thresholds was performed, and the CODM has determined that the Company’s operations are not considered to constitute more than one reportable segment. Non-segment operations are classified as Other below and include assets and activity of the parent holding company. Management will continue to evaluate the operating segments for separate reporting as facts and circumstances change.

25

		Banking, Mortgage and Wealth Management				Other				Consolidated
		(dollars in thousands)
For the Three Months Ended September 30, 2026
Interest income		$	15,042			$	5			$	15,047
Interest expense			4,462				372				4,834
Net interest income			10,580				(367	)			10,213
Noninterest income			3,013				48				3,061
Noninterest expense			9,729				184				9,913
Pre-tax, pre-provision income			3,864				(503	)			3,361
Provision for (recovery of) credit losses			(287	)			—				(287	)
Provision for income taxes			893				(105	)			788
Net income (loss)		$	3,258			$	(398	)		$	2,860
For the Nine Months Ended September 30, 2026
Interest income		$	44,494			$	15			$	44,509
Interest expense			13,307				1,039				14,346
Net interest income			31,187				(1,024	)			30,163
Noninterest income			9,865				200				10,065
Noninterest expense			27,821				450				28,271
Pre-tax, pre-provision income			13,231				(1,274	)			11,957
Provision for (recovery of) credit losses			(773	)			—				(773	)
Provision for income taxes			3,006				(264	)			2,742
Net income (loss)		$	10,998			$	(1,010	)		$	9,988
Total assets as of September 30, 2026		$	1,227,438			$	3,739			$	1,231,177
For the Three Months Ended September 30, 2025
Interest income		$	14,695			$	5			$	14,700
Interest expense			4,481				331				4,812
Net interest income			10,214				(326	)			9,888
Noninterest income			2,847				59				2,906
Noninterest expense			8,722				139				8,861
Pre-tax, pre-provision income			4,339				(406	)			3,933
Provision for (recovery of) credit losses			176				—				176
Provision for income taxes			951				(84	)			867
Net income (loss)		$	3,212			$	(322	)		$	2,890
For the Nine Months Ended September 30, 2025
Interest income		$	42,823			$	15			$	42,838
Interest expense			13,106				1,009				14,115
Net interest income			29,717				(994	)			28,723
Noninterest income			8,240				131				8,371
Noninterest expense			25,353				416				25,769
Pre-tax, pre-provision income			12,604				(1,279	)			11,325
Provision for (recovery of) credit losses			711				—				711
Provision for income taxes			2,607				(260	)			2,347
Net income (loss)		$	9,286			$	(1,019	)		$	8,267
Total assets as of December 31, 2025		$	1,192,527			$	3,818			$	1,196,345

26

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

Caution Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements generally relate to estimates with respect to the financial condition, results of operations and business of the Company that are subject to various factors that could cause actual results to differ materially from these estimates. These factors include, but are not limited to: increases in our past due loans and provision for credit losses that may result from local and/or broader economic effects, including constraints on the availability of credit that may impact our borrowers; declines in general economic conditions, including increased stress in the financial markets; changes in interest rates, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products and services. Any use of “we” or “our” in the following discussion refers to the Company on a consolidated basis.

Comparison of Financial Condition at September 30, 2026 and December 31, 2025.

During the nine months ended September 30, 2026, the Company’s total assets increased by $34.8 million, from $1.20 billion to $1.23 billion. Cash and cash equivalents increased by $2.0 million during the nine months ended September 30, 2026, from $73.3 million to $75.3 million.

Investment securities consist of securities available for sale and securities held to maturity. For the nine-month period ended September 30, 2026, investment securities increased by $13.9 million from $379.7 million at December 31, 2025 to $393.6 million at September 30, 2026. At September 30, 2026, the Company had net unrealized losses on securities available for sale of $37.4 million, compared to net unrealized losses of $21.5 million at December 31, 2025, a deterioration of $15.9 million. The allowance for credit losses on securities held to maturity was $30,000 at September 30, 2026 and $45,000 at December 31, 2025. The amortized cost basis of securities held to maturity totaled $18.6 million and $22.0 million at September 30, 2026 and December 31, 2025, respectively.

Equity securities decreased by $34,000 at September 30, 2026, compared to December 31, 2025, as a result of the decline in value in the equity market. During the nine-month period ended September 30, 2026, the Company participated in Visa Inc.’s exchange offer described in Note 5 of the Notes to Consolidated Financial Statements (Unaudited) included in Item 1 of this Report. The Company received Visa Class C common stock with a fair value of approximately $826,000 and subsequently converted and sold all 633 shares. The Company also received 550 shares of Visa Class B-3 common stock in the exchange; however, no carrying value was assigned to the Class B-3 shares, and therefore they are not included in the Company’s equity securities balance at September 30, 2026.

Loans held for sale decreased by $2.4 million from December 31, 2025 to $6.6 million at September 30, 2026. Loans held for investment increased from $689.6 million at December 31, 2025 to $702.8 million at September 30, 2026, an increase of $13.2 million. The allowance for credit losses on loans was $5.8 million at September 30, 2026, which represented 0.82% of total loans held for investment, compared to $6.4 million, or 0.93% of total loans held for investment, at December 31, 2025. Additional discussion regarding the allowance is included in the Asset Quality section below.

Other changes in the Company’s consolidated assets are primarily related to deferred tax assets, which increased by $3.3 million from $6.8 million at December 31, 2025 to $10.2 million at September 30, 2026, as a result of the deterioration in fair value of the available-for-sale securities portfolio. Premises and equipment increased by $2.6 million from $14.7 million at December 31, 2025 to $17.4 million at September 30, 2026 related to construction expenses for a new branch building in Mount Pleasant, North Carolina. Annual Company contributions and favorable market performance increased supplemental executive retirement plans (“SERP”), included in Other Assets, by $1.1 million during the nine months ended September 30, 2026. Also included in Other Assets, the Company’s investment in a Small Business Investment Company (“SBIC”) increased by $233,000.

Customer deposits, our primary funding source, experienced growth of $37.1 million during the nine-month period ended September 30, 2026, increasing from $1.08 billion to $1.12 billion. The overall increase in deposits is attributable to organic deposit growth. Demand noninterest-bearing checking accounts increased by $34.0 million while interest checking and money market accounts increased by $12.9 million during the nine-month period ended September 30, 2026. Savings deposits increased by $3.0 million and time deposits decreased by $12.9 million during the same period.

Total short-term borrowings increased by $127,000 for the nine-month period ended September 30, 2026. At September 30, 2026, the Company had $31.6 million in long-term debt outstanding, $29.1 million of which consists of junior subordinated debt securities, net of unamortized debt issuance costs. During the third quarter of 2019, the Company issued $10.0 million in subordinated debt securities with a final maturity date of September 30, 2029 that became redeemable by the Company on September 30, 2024. This junior subordinated debt pays interest quarterly at an annual fixed rate of 5.25%. During the third quarter of 2021, the Company issued $12.0 million and $8.0 million of 10-year and 15-year fixed-to-floating rate subordinated debt securities, respectively. The 10-year

27

subordinated notes mature on September 3, 2031 and became redeemable at the Company’s option on September 3, 2026. From and including September 3, 2026 to but excluding September 3, 2031, or up to any early redemption date, the interest rate on the 10-year subordinated notes resets quarterly to an annual rate equal to the then-current three-month secured overnight financing rate (“SOFR”), plus 283 basis points payable quarterly in arrears. At September 30, 2026, the interest rate on the 10-year subordinated notes was 6.67%. The 15-year subordinated notes mature on September 3, 2036, though they are redeemable at the Company’s option on or after September 3, 2031, and initially pay interest quarterly at an annual rate of 4.0%. From and including September 3, 2031 to but excluding September 3, 2036, or up to any early redemption date, the interest rate on the 15-year subordinated notes will reset quarterly to an annual rate equal to the then-current three-month SOFR plus 292 basis points payable quarterly in arrears. The subordinated debt has been structured to qualify as and is included in the calculation of the Company’s Tier 2 capital. Once the remaining term to maturity drops under five years, the Company must impose a twenty percent annual reduction of the amount of the proceeds from the sale of these securities that are eligible to be counted as Tier 2 capital. Of the subordinated debt that remains outstanding at September 30, 2026, $21.1 million qualifies as Tier 2 capital. The Company also maintains a $3.0 million line of credit, of which $2.5 million was outstanding at September 30, 2026.

Other changes in the Company’s liabilities are related to an increase of $1.8 million in other liabilities from December 31, 2025 to September 30, 2026 resulting primarily from accrual of reserves for payables due during the last quarter of 2026. As with SERP assets mentioned above, SERP liabilities increased $1.1 million during the same period.

At September 30, 2026, total shareholders’ equity was $68.6 million, a decrease of $7.0 million from December 31, 2025. Net income for the nine-month period ended September 30, 2026 was $10.0 million, which positively contributed to shareholders’ equity. During the nine months ended September 30, 2026, the Company repurchased 308,554 shares of common stock at a total cost of $4.2 million, and the Company paid $422,000 in dividends attributable to noncontrolling interest. See Note 3 (“Noncontrolling Interest”) to the Company’s Notes to Consolidated Financial Statements for additional discussion of the noncontrolling interest.

Results of Operations for the Three Months Ended September 30, 2026 and 2025.

Net Income and Net Income Available to Common Shareholders

Uwharrie Capital Corp reported net income of $2.9 million for both three-month periods ended September 30, 2026 and 2025. Net income available to common shareholders was $2.7 million, or $0.37 per common share, for the three months ended September 30, 2026 and 2025. Net income available to common shareholders is net income less dividends on the aforementioned noncontrolling interest.

Net Interest Income

Net interest income for the three months ended September 30, 2026 was $10.2 million, a $325,000 increase from the $9.9 million reported for the comparative period in 2025. During the third quarter of 2026, the average yield on our interest-earning assets decreased by 9 basis points to 5.10% from the same period in 2025, and the average rate we paid for our interest-bearing liabilities decreased 7 basis points to 2.25%. These changes resulted in an interest rate spread of 2.86% as of both September 30, 2026 and September 30, 2025. The Company’s net interest margin was 3.48% and 3.50% for the comparable periods in 2026 and 2025, respectively. The following table presents average balance sheet and a net interest income analysis for the three months ended September 30, 2026 and 2025, respectively:

		Average Balance								Income/Expenses								Rate/Yield
		2026				2025				2026				2025				2026				2025
		(dollars in thousands)
Interest-earning assets:
Taxable securities		$	316,326			$	306,918			$	2,971			$	2,883				3.73	%			3.73	%
Non-taxable securities (1)			77,842				59,796				477				330				3.10	%			2.81	%
Short-term investments			90,081				78,139				730				682				3.22	%			3.46	%
Equity securities			476				325				5				5				4.17	%			6.10	%
Taxable loans			680,814				671,609				10,707				10,650				6.24	%			6.29	%
Non-taxable loans (1)			17,217				17,202				157				150				4.61	%			4.44	%
Total interest-earning assets			1,182,756				1,133,989				15,047				14,700				5.10	%			5.19	%
Interest-bearing liabilities:
Interest-bearing deposits			823,827				791,955				4,462				4,481				2.15	%			2.24	%
Short-term borrowed funds			126				73				1				1				3.15	%			5.43	%
Long-term debt			29,874				29,208				371				330				4.93	%			4.48	%
Total interest bearing liabilities			853,827				821,236				4,834				4,812				2.25	%			2.32	%
Net interest spread		$	328,929			$	312,753			$	10,213			$	9,888				2.86	%			2.86	%
Net interest margin (1) (% of earning assets)																			3.48	%			3.50	%

(1)Yields related to securities and loans exempt from income taxes are stated on a fully tax-equivalent basis, assuming a 21% effective tax rate.

28

Provision for (Recovery of) Credit Losses

The Company recorded a $287,000 recovery of credit losses for the three months ended September 30, 2026, compared to a provision of $176,000 for the same period in 2025. There were net loan recoveries of $11,000 for the three months ended September 30, 2026, as compared to net loan charge-offs of $67,000 during the same period of 2025. Refer to the Asset Quality section below for further information.

Noninterest Income

The Company places significant emphasis on diversification of revenue sources rather than relying solely upon interest income. Total noninterest income increased by $155,000 for the three months ended September 30, 2026, compared to the same period in 2025. Income associated with market adjustments on SERP accounts increased by $446,000 and growth in assets under management (“AUM”) within the wealth management division contributed a $120,000 increase in other service fees and commissions. These increases offset the decline in mortgage banking income resulting from higher mortgage interest rates, which reduced mortgage origination and refinancing activity during the third quarter of 2026. Future mortgage banking income could be adversely affected if mortgage origination and refinancing volumes remain constrained by the higher interest rate environment.

Interchange fees are charges that merchants pay to us and other card-issuing banks for processing electronic payment transactions. Interchange and card transaction fees consist of income from check card usage, point-of-sale income from PIN-based debit card transactions, ATM service fees, and credit card usage. A comparison of gross interchange and card transaction fees, net of associated network costs for the reported periods is presented in the table below:

		Three Months Ended September 30,
		2026				2025
		(dollars in thousands)
Income from debit card transactions		$	653			$	636
Income from credit card transactions			191				169
Gross interchange and transaction fee income			844				805
Network costs - debit card			(374	)			(342	)
Network costs - credit card			(161	)			(211	)
Total		$	309			$	252

Noninterest Expense

Noninterest expense for the three months ended September 30, 2026 increased by $1.1 million compared to the same period in 2025. Salaries and benefits, the largest component of noninterest expense, increased by $259,000 due to higher compensation and benefit costs during the three months ended September 30, 2026. Expense associated with market adjustments on SERP accounts increased by $446,000 compared to the three months ended September 30, 2025. Marketing and donations expense increased by $129,000 during the same period, primarily due to higher charitable contributions and other community support efforts.

Total other noninterest expense increased by $107,000 for the three months ended September 30, 2026, compared to the same period in 2025. The table below reflects the composition of other noninterest expense for the referenced periods.

		Three Months Ended September 30,
		2026				2025
		(dollars in thousands)
Office supplies and printing		$	36			$	18
Franchise and other taxes			93				42
Employee education			29				34
Shareholder relations expense			58				53
Telephone and data lines			50				39
Postage			74				65
Director fees and expense			85				77
Dues and subscriptions			126				114
Armored transport service			41				35
Other			199				207
Total		$	791			$	684

Income Tax Expense

The Company recorded income tax expense of $788,000 for the three months ended September 30, 2026, reflecting an effective tax rate of 21.6%, compared to income tax expense of $867,000 and an effective tax rate of 23.1% for the same period in 2025. The lower

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effective tax rate in 2026 was primarily attributable to a catch-up adjustment recorded during the third quarter of 2025 to align year-to-date tax expense with the estimated annual effective tax rate. Income taxes computed at the statutory rate are primarily affected by state income taxes, partially offset by tax-exempt interest earned on state and municipal securities, interest income from tax-free municipal loans, and income earned on bank-owned life insurance.

Results of Operations for the Nine Months Ended September 30, 2026 and 2025.

Net Income and Net Income Available to Common Shareholders

Uwharrie Capital Corp reported net income of $10.0 million for the nine months ended September 30, 2026, compared to $8.3 million for the nine months ended September 30, 2025. Net income available to common shareholders was $9.6 million, or $1.31 per common share, for the nine months ended September 30, 2026, compared to $7.8 million, or $1.05 per common share, for the nine months ended September 30, 2025. Net income available to common shareholders is net income less dividends on the aforementioned noncontrolling interest.

Net Interest Income

Net interest income for the nine months ended September 30, 2026 was $30.2 million, a $1.4 million increase from the $28.7 million reported for the comparative period in 2025. During the first nine months of 2026, the average yield on our interest-earning assets decreased by 10 basis points to 5.10% from the same period in 2025, and the average rate we paid for our interest-bearing liabilities decreased 10 basis points to 2.24%. These changes resulted in an interest rate spread of 2.86% as of both September 30, 2026 and September 30, 2025. The Company’s net interest margin was 3.47% and 3.50% for the comparable periods in 2026 and 2025, respectively. The following table presents average balance sheet and a net interest income analysis for the nine months ended September 30, 2026 and 2025, respectively:

		Average Balance								Income/Expenses								Rate/Yield
		2026				2025				2026				2025				2026				2025
		(dollars in thousands)
Interest-earning assets:
Taxable securities		$	311,412			$	306,157			$	8,598			$	8,536				3.69	%			3.73	%
Non-taxable securities (1)			76,653				58,681				1,387				949				3.08	%			2.78	%
Short-term investments			93,156				66,070				2,340				1,834				3.36	%			3.71	%
Equity securities			370				323				15				15				5.42	%			6.21	%
Taxable loans			681,226				664,845				31,722				31,135				6.23	%			6.26	%
Non-taxable loans (1)			16,827				15,184				447				369				4.53	%			4.17	%
Total interest-earning assets			1,179,644				1,111,260				44,509				42,838				5.10	%			5.20	%
Interest-bearing liabilities:
Interest-bearing deposits			825,246				776,661				13,307				13,106				2.16	%			2.26	%
Short-term borrowed funds			98				904				3				24				4.09	%			3.55	%
Long-term debt			29,603				29,189				1,036				985				4.68	%			4.51	%
Total interest-bearing liabilities			854,947				806,754				14,346				14,115				2.24	%			2.34	%
Net interest spread		$	324,697			$	304,506			$	30,163			$	28,723				2.86	%			2.86	%
Net interest margin (1) (% of earning assets)																			3.47	%			3.50	%

(1)Yields related to securities and loans exempt from income taxes are stated on a fully tax-equivalent basis, assuming a 21% effective tax rate.

Provision for (Recovery of) Credit Losses

The Company recorded a $773,000 recovery of credit losses for the nine months ended September 30, 2026, compared to a provision of $711,000 for the same period in 2025. There were net loan recoveries of $64,000 for the nine months ended September 30, 2026, as compared to net loan charge-offs of $190,000 during the same period of 2025. Refer to the Asset Quality section below for further information.

Noninterest Income

The Company places significant emphasis on diversification of revenue sources rather than relying solely upon interest income. Total noninterest income increased by $1.7 million for the nine-month period ended September 30, 2026, compared to the same period in 2025. The increase in noninterest income was primarily attributable to a gain of $827,000 recognized in connection with Visa Inc.’s exchange offer. During the second quarter of 2026, the Company exchanged its Visa Class B-1 common stock for Class B-3 common stock and Visa Class C common stock. Because the exchanged Class B-1 common stock had no carrying value, the Company recognized a gain equal to the fair value of the Class C common stock received, together with cash received in lieu of fractional shares. The Visa Class B-3 common stock received in the exchange represents a continuation of the Company’s restricted ownership interest and, accordingly, no carrying value was assigned to the Class B-3 shares received. By September 30, 2026, the Company had converted and sold all 633 shares of Visa Class C common stock received in the exchange. These Visa-related transactions were

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nonrecurring in nature and positively impacted noninterest income and net income during the current period. Growth in AUM within the wealth management division contributed a $313,000 increase in other service fees and commissions during the nine months ended September 30, 2026, compared to the same period in 2025. In addition, income associated with market adjustments on SERP accounts increased by $491,000, while gains on the sale of available-for-sale securities increased by $158,000.

Interchange fees are charges that merchants pay to us and other card-issuing banks for processing electronic payment transactions. Interchange and card transaction fees consist of income from check card usage, point-of-sale income from PIN-based debit card transactions, ATM service fees, and credit card usage. A comparison of gross interchange and card transaction fees, net of associated network costs for the reported periods is presented in the table below:

		Nine Months Ended September 30,
		2026				2025
		(dollars in thousands)
Income from debit card transactions		$	1,912			$	1,821
Income from credit card transactions			555				515
Gross interchange and transaction fee income			2,467				2,336
Network costs - debit card			(1,033	)			(944	)
Network costs - credit card			(542	)			(583	)
Total		$	892			$	809

Noninterest Expense

Noninterest expense for the nine months ended September 30, 2026 increased by $2.5 million compared to the same period in 2025. Salaries and benefits, the largest component of noninterest expense, increased by $983,000 due to higher compensation and benefit costs during 2026. Marketing and donations expense increased by $472,000 during the first nine months of 2026 compared to the same period in 2025, primarily due to larger donations being made earlier in the year, with contribution levels being adjusted to remain consistent with expected year-end giving. Management anticipates overall giving for 2026 will remain consistent with the Company’s customary level of support. Additionally, expense associated with market adjustments on SERP accounts increased by $491,000 during the nine-month period ended September 30, 2026, compared to the same period in 2025.

Total other noninterest expense increased by $299,000 for the nine months ended September 30, 2026, compared to the same period in 2025. The table below reflects the composition of other noninterest expense for the referenced periods.

		Nine Months Ended September 30,
		2026				2025
		(dollars in thousands)
Office supplies and printing		$	90			$	75
Franchise and other taxes			155				132
Employee education			108				95
Shareholder relations expense			163				145
Telephone and data lines			147				133
Postage			216				198
Director fees and expense			251				237
Dues and subscriptions			392				330
Armored transport service			120				106
Other			615				507
Total		$	2,257			$	1,958

Income Tax Expense

The Company recorded income tax expense of $2.7 million for the nine months ended September 30, 2026, reflecting an effective tax rate of 21.5%, compared to income tax expense of $2.3 million and an effective tax rate of 22.1% for the same period in 2025. The decrease in the effective tax rate resulted from normal period-to-period fluctuations in the composition of taxable and tax-advantaged income. Income taxes computed at the statutory rate are primarily affected by state income taxes, partially offset by tax-exempt interest earned on state and municipal securities, interest income from tax-free municipal loans, and income earned on bank-owned life insurance.

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Asset Quality

The Company’s allowance for credit losses on loans is established through charges to earnings in the form of a provision for credit losses. The allowance is increased by provisions charged to operations and recoveries of amounts previously charged off and is reduced by recovery of provisions and loans charged off. Management continuously evaluates the adequacy of the allowance for credit losses. In evaluating the adequacy of the allowance, management considers the following: the growth, composition and industry diversification of the portfolio; historical loan loss experience; current delinquency levels; adverse situations that may affect a borrower’s ability to repay; estimated value of any underlying collateral; prevailing economic conditions; and other relevant factors.

The allowance for credit losses on loans represents management’s estimate of lifetime credit losses inherent in loans as of the balance sheet date. The allowance for credit losses is estimated by management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Company’s credit administration function, through a review process, periodically validates the accuracy of the initial risk grade assessment. In addition, as a given loan’s credit quality improves or deteriorates, the credit administration department has the responsibility to change the borrower’s risk grade accordingly.

The Company individually reviews loans that do not share the same risk characteristics as loans in the collectively assessed population. Individually assessed loans determined to be collateral dependent are evaluated based on the fair value of the underlying collateral, as repayment is expected to be derived through the operation or sale of the collateral. When management determines that foreclosure is probable and the borrower is experiencing financial difficulty, the expected credit losses are measured using the fair value of collateral at the reporting date, adjusted for selling costs as appropriate. Loans that are not deemed collateral dependent are assigned a probability of default based on default history. If the loan has defaulted, it will be assigned a 100% probability of default; otherwise, it will be assigned a probability of default based on the Company’s historical experience, which is higher than the forecasted probability of default applied in the collectively assessed portfolio. This evaluation is inherently subjective, as it requires material estimates, including internal and external appraisal services. In addition, regulatory agencies, as an integral part of their examination process, periodically review the allowance for credit losses on loans and may require additions for estimated losses based upon judgments different from those of management.

The Company measures expected credit losses for loans on a pooled basis when similar risk characteristics exist. The Company
evaluates credit risk in the Consumer segment based upon consumer credit scores and collateral and the Commercial segment based
upon loan risk grade and collateral. The allowance for credit losses for each segment is calculated using a non-discounted cash flow methodology. Management uses a risk-grading program designed to evaluate the credit risk in the loan portfolio. In this program, risk grades are initially assigned by loan officers and then reviewed and monitored by credit administration. This process includes the maintenance of an internally classified loan list that is designed to help management assess the overall quality of the loan portfolio and the adequacy of the allowance for credit losses on loans. In establishing the appropriate classification for specific assets, management considers, among other factors, the estimated value of the underlying collateral, the borrower’s ability to repay, the borrower’s payment history, and the current delinquent status.

Additionally, the allowance for credit losses calculation includes subjective adjustments for qualitative risk factors that are likely to cause estimated credit losses to differ from historical experience. These qualitative adjustments may increase or reduce reserve levels and include adjustments for lending management experience and risk tolerance, loan review and audit results, asset quality and portfolio trends, loan portfolio growth, industry concentrations, trends in underlying collateral, external factors and economic conditions not already captured.

At September 30, 2026, the level of our individually evaluated loans was $4.0 million, and the allowance for credit losses related to individually evaluated loans was $713,000. The allowance, expressed as a percentage of gross loans held for investment, was 0.82% and 0.93% at September 30, 2026 and December 31, 2025, respectively. The ratio of nonaccrual loans to total loans increased from 0.05% at December 31, 2025 to 0.11% at September 30, 2026, and was related to the $362,000 increase in nonaccrual loans. Seven loans totaling $468,000 were converted to nonaccrual during the first nine months of 2026, offset by a $50,000 charge-off and paydowns of $56,000.

The Company did not hold any other real estate owned at September 30, 2026 and December 31, 2025.

As of September 30, 2026, management believed the level of the allowance for credit losses on loans was appropriate in light of the risk inherent in the loan portfolio. While management believes that it uses the best information available to establish the allowance for credit losses on loans, future adjustments may be necessary and results of operations could be adversely affected if circumstances differ from the assumptions used in making the determinations. Furthermore, while management believes it has established the allowance in conformity with GAAP, there can be no assurance that banking regulators, in reviewing the Company’s loan portfolio, will not require an adjustment to the allowance for credit losses on loans. In addition, because future events affecting borrowers and

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collateral cannot be predicted with certainty, there can be no assurance that the existing allowance is adequate or that increases will not be necessary, should the quality of any loans deteriorate because of the factors discussed herein. Any material increase in the allowance for credit losses on loans may adversely affect the Company’s financial condition, results of operations and the value of its securities.

The following table shows the comparison of nonperforming assets at September 30, 2026 and December 31, 2025:

		September 30, 2026				December 31, 2025
		(dollars in thousands)
Nonperforming assets:
Accruing loans past due 90 days or more		$	—			$	—
Nonaccrual loans			739				378
Other real estate owned			—				—
Total nonperforming assets		$	739			$	378
Allowance for credit losses on loans		$	5,763			$	6,420
Nonaccrual loans to total loans			0.11	%			0.05	%
Allowance for credit losses on loans to total loans			0.82	%			0.93	%
Allowance for credit losses on loans to nonaccrual loans			779.84	%			1698.41	%

Liquidity and Capital Resources

The objective of the Company’s liquidity management policy is to ensure the availability of sufficient cash flows to meet all financial commitments and to capitalize on any opportunities for expansion. Liquidity management addresses the ability to meet deposit withdrawals on demand or at contractual maturity, to repay borrowings as they mature and to fund new loans and investments as opportunities arise.

The Company’s primary sources of internally generated funds are principal and interest payments on loans, cash flows generated from operations and cash flows generated by investments. Growth in deposits is typically the primary source of funds for loan growth. Estimated uninsured deposits, including deposits collateralized by pledged assets, represented 41.2% and 40.5% of total deposits at September 30, 2026 and December 31, 2025, respectively. The Company and its subsidiary bank have multiple funding sources, in addition to deposits, that can be used to increase liquidity and provide additional financial flexibility. At September 30, 2026, these sources were the subsidiary bank’s established federal funds lines with correspondent banks aggregating $38.0 million, with available credit of $38.0 million; an established borrowing relationship with the FHLB, with available credit of $175.9 million; and access to borrowings from the FRB discount window, with available credit of $33.5 million. The Company also has a $3.0 million line of credit with TIB The Independent BankersBank, N.A. The line is held by the holding company and is secured with 100% of the outstanding common shares of the Company’s subsidiary bank. As of September 30, 2026, $500,000 remained available for use on the line of credit.

The following table summarizes the Company’s interest-earning cash and cash equivalents as of the periods indicated.

		September 30, 2026				December 31, 2025
		(dollars in thousands)
Interest-earning cash and cash equivalents		$	65,256			$	59,289
Interest-earning cash and cash equivalents as a percent of:
Total loans held for investment			9.3	%			8.6	%
Total earning assets			5.6	%			5.2	%
Total deposits			5.8	%			5.5	%

Banks and bank holding companies, as regulated institutions, must meet required levels of capital. The Federal Reserve, the primary federal regulator of the Company and its subsidiary bank, has adopted minimum capital regulations or guidelines that categorize components and the level of risk associated with various types of assets.

The Company continues to maintain capital ratios that support its asset growth. The federal bank regulatory agencies have implemented regulatory capital rules known as “Basel III.” The Basel III rules require a common equity Tier 1 capital to risk-weighted assets minimum ratio of 4.50%, a minimum ratio of Tier 1 capital to risk-weighted assets of 6.00%, a minimum ratio of total capital to risk-weighted assets of 8.00%, and a minimum Tier 1 leverage ratio of 4.00%. There is also a capital conservation buffer that requires banks to hold common equity Tier 1 capital in excess of minimum risk-based capital ratios by at least 2.5% to avoid limits on capital distributions and certain discretionary bonus payments to executive officers and similar employees. The Company’s accumulated other comprehensive income or loss, resulting from unrealized gains and losses, net of income tax, on investment securities available for sale, is excluded from regulatory capital. As of September 30, 2026, the Company’s subsidiary bank continued to exceed minimum capital standards and remained well-capitalized under the applicable rules.

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The Company’s subsidiary bank has a net total of $10.7 million in outstanding Fixed Rate Noncumulative Perpetual Preferred Stock. The preferred stock qualifies as Tier 1 capital at the Bank and pays dividends at an annual rate of 5.30%. The net total of $10.7 million is presented as noncontrolling interest at the Company level and qualifies as Tier 1 capital at the Company. At September 30, 2026, the Company had $29.1 million, net of unamortized debt issuance costs of $96,000, in subordinated debt outstanding, of which $21.1 million qualifies as Tier 2 capital at the Company level. The Company has made all interest and dividend payments in a timely manner.

Off-Balance Sheet Arrangements

Off-balance sheet arrangements include transactions, agreements or other contractual arrangements to which an unconsolidated entity of the Company is a party and pursuant to which the Company has obligations, including an obligation to provide guarantees on behalf of an unconsolidated entity, or retains an interest in assets transferred to an unconsolidated entity. We currently have no off-balance sheet arrangements of this kind.

Derivative financial instruments include futures contracts, forward contracts, interest rate swaps, options contracts, and other financial instruments with similar characteristics. We have not engaged in significant derivative activities through September 30, 2026, with the exception of mortgage banking derivatives. See Note 12 (“Mortgage Banking Derivatives”) to the Company’s Notes to Consolidated Financial Statements for additional discussion of mortgage banking derivatives.

Contractual Obligations

The timing and amount of our contractual obligations has not changed materially since our 2025 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission on March 5, 2026.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Disclosure under this item is not required for smaller reporting companies.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

At the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Securities Exchange Act (“Exchange Act”) Rule 13a-15.

Based upon that evaluation, the principal executive officer and principal financial officer concluded that in their opinion, the Company’s disclosure controls and procedures were effective (1) to provide reasonable assurance that information required to be disclosed by the Company in the reports filed or submitted by it under the Exchange Act was recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and (2) to provide reasonable assurance that information required to be disclosed by the Company in such reports is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate to allow for timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

Management of the Company has evaluated, with the participation of the Company’s principal executive officer and principal financial officer, changes in the Company’s internal controls over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) during the third quarter of 2026. In connection with such evaluation, the Company has determined that there were no changes in the Company’s internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. The Company reviews its disclosure controls and procedures, which may include its internal control over financial reporting, on an ongoing basis, and may from time to time make changes aimed at enhancing their effectiveness and ensuring that the Company’s systems evolve with its business.

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Part II. OTHER INFORMATION

Item 1. Legal Proceedings.

Neither the Company nor its subsidiaries, nor any of their properties are subject to any material legal proceedings. From time to time, the Company’s subsidiary bank is engaged in ordinary routine litigation incidental to its business.

Item 1A. Risk Factors.

Disclosure under this item is not required for smaller reporting companies.

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

The following table sets forth information with respect to shares of common stock repurchased by the Company during the three months ended September 30, 2026.

		(a) Total Number of Shares Purchased				(b) Average Price Paid per Share				(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Program(1)				(d) Maximum Dollar Value (in thousands) of Shares that May Yet Be Purchased Under the Plans
July 1, 2026 through July 31, 2026			16,106			$	12.25				—			$	—
August 1, 2026 through August 31, 2026			69,037			$	14.60				—			$	—
September 1, 2026 through September 30, 2026			155,148			$	14.26				—			$	—
Total			240,291			$	14.22				—			$	—

(1)Trades of the Company’s common stock are quoted on the OTCQX Market from time to time. The Company also has in place a Stock Repurchase Plan that provides liquidity to its shareholders in the event a willing buyer is not available to purchase shares that are offered for sale. The Company is under no obligation to purchase shares offered; however, it will accommodate such offers as its Stock Repurchase Plan allows.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

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Item 6. Exhibits.

Set forth below is the exhibit index for this quarterly report:

Exhibit Number		Description of Exhibit
31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
31.2		Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
32		Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101		Interactive data files providing financial information from the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026, in inline XBRL (eXtensible Business Reporting Language) (filed herewith)
104		Cover page interactive data file (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.

				UWHARRIE CAPITAL CORP
				(Registrant)
Date:		November 10, 2026		By:		/s/ Roger L. Dick
				Roger L. Dick
				President and Chief Executive Officer
Date:		November 10, 2026		By:		/s/ Heather H. Almond
				Heather H. Almond
				Principal Financial Officer

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