Tag: GlobeNewswire

TEANECK, N.J., Oct. 30, 2026 (GLOBE NEWSWIRE) — Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported net income for the three months ended September 30, 2026 of $473,000, or $0.04 per basic and diluted share, compared to a net income of $455,000, or $0.04 per basic and diluted share, for the comparable prior year period. The Company reported net income for the nine months ended September 30, 2026 of $1.9 million, or $0.15 per basic and diluted share, compared to a net income of $1.4 million, or $0.11 per basic and diluted share, for the comparable prior year period.

As of September 30, 2026, 237,590 shares of the Company’s common stock have been repurchased pursuant to the Company’s current stock repurchase program at a cost of $2.1 million which represents all of the shares the Company was authorized to repurchase under that program.

Other Financial Highlights:

• Total assets decreased $23.1 million, or 2.6%, to $881.8 million at September 30, 2026 from $904.9 million at December 31, 2025, due to a decrease in cash and cash equivalents and securities.
• Cash and cash equivalents decreased $15.9 million, or 44.6%, to $19.7 million at September 30, 2026 from $35.6 million at December 31, 2025 as excess funds from increased borrowings, security maturities and loan payments were used to fund deposit outflows.
• Securities decreased $11.7 million, or 7.4%, to $146.4 million at September 30, 2026 from $158.1 million at December 31, 2025 due to principal repayments of mortgage-backed securities and maturities of corporate bonds.  
• Net loans decreased $532,000, or 0.1%, to $647.1 million at September 30, 2026 from $647.6 million at December 31, 2025, primarily due to decreases in residential mortgages and commercial real estate loans, offset by an increase in multi-family real estate loans.
• Total deposits at September 30, 2026 were $581.3 million, decreasing $71.2 million, or 10.9%, compared to $652.4 million at December 31, 2025, due to a $92.2 million decrease in certificates of deposit of which $10.8 million represented a decrease in brokered deposits. The decrease was offset by a $16.5 million increase in savings accounts, a $1.5 million increase in non-interest-bearing accounts and a $4.2 million increase in NOW accounts. The average rate on deposits decreased 16 basis points to 3.14% for the first three quarters of 2026 from 3.30% from the comparable period a year ago, which was due to lower interest rates and lower average balances of certificates of deposit.
• Federal Home Loan Bank (the “FHLB”) advances increased $47.4 million, or 50.8% to $140.7 million at September 30, 2026 from $93.3 million as of December 31, 2025.  The increase in borrowings was largely attributable to the outflow of deposits during the nine months ended September 30, 2026.

Kevin Pace, President and Chief Executive Officer, said, “We are excited to mark another important milestone in Bogota Savings Bank’s continued growth with the opening of our newest location in Point Pleasant, New Jersey as part of our strategic expansion into the southern New Jersey market. This allows us to serve our already extensive customer base in the Central and South Jersey markets and reflects our confidence and commitment in the opportunities within that market.

We are particularly encouraged by our financial performance through the first nine months of 2026. Net income increased 36% to $1.9 million compared to the same period last year, while net interest income grew 13.9% to $12.7 million. We also achieved meaningful improvements in our net interest margin and net interest rate spread, reflecting continued progress in managing our funding costs and strengthening our core earnings performance. These results demonstrate the benefits of our ongoing focus on operational discipline, balance sheet management, and long-term financial performance.

We recognize that the banking industry continues to navigate a challenging and evolving environment, characterized by interest rate uncertainty, heightened competition for deposits, changing customer expectations, and broader economic pressures. Against this backdrop, we remain focused on maintaining a strong financial foundation, managing risk prudently, and pursuing opportunities that support sustainable growth.

Income Statement Analysis

Comparison of Operating Results for the Three Months Ended September 30, 2026 and September 30, 2025

Net income increased $18,000 to $473,000 for the three months ended September 30, 2026 compared to net income of $455,000 for the three months ended September 30, 2025. This increase was primarily due to a $579,000 increase in net interest income offset by a $467,000 increase in non-interest expenses and a $59,000 increase in income taxes.

Interest income decreased $194,000, or 1.8%, to $10.4 million for the three months ended September 30, 2026 compared to $10.6 million for the three months ended September 30, 2025.

Interest income on cash and cash equivalents decreased $9,000, or 5.0%, to $170,000 for the three months ended September 30, 2026 from $179,000 for the three months ended September 30, 2025 due to an 11 basis point decrease in the average yield from 4.27% for the three months ended September 30, 2025 to 4.16% for the three months ended September 30, 2026 resulting from a lower short-term interest rate environment. There was a $535,000 decrease in the average balance to $16.1 million for the three months ended September 30, 2026 from $16.7 million for the three months ended September 30, 2025

Interest income on loans decreased $50,000, or 0.6%, to $8.2 million for the three months ended September 30, 2026, due primarily to a 27 basis point increase in the average yield from 4.77% for the three months ended September 30, 2025 to 5.04% for the three months ended September 30, 2026 offset by a $40.4 million decrease in the average balance to $642.6 million for the three months ended September 30, 2026 from $683.0 million for the three months ended September 30, 2025.

Interest income on securities decreased $103,000, or 4.9%, to $2.0 million for the three months ended September 30, 2026, primarily due to a three basis point decrease in the average yield from 5.46% for the three months ended September 30, 2025, to 5.43% for the three months ended September 30, 2026.  The decrease was also due to a $6.6 million decrease in the average balance to $147.4 million for the three months ended September 30, 2026, from $153.9 million for the three months ended September 30, 2025.

Interest expense decreased $773,000, or 11.5%, from $6.7 million for the three months ended September 30, 2025 to $6.0 million for the three months ended September 30, 2026 primarily due to a lower average balance of certificates of deposits.  During the three months ended September 30, 2026, the use of hedges increased the interest expense on the FHLB advances and brokered deposits by $22,000 compared to a reduced expense for the three months ended September 30, 2025.  At September 30, 2026, cash flow hedges used to manage interest rate risk had a notional value of $67.5 million, while fair value hedges totaled $30.0 million in notional value. 

Interest expense on interest-bearing deposits decreased $1.1 million, or 19.2%, to $4.5 million for the three months ended September 30, 2026 from $5.6 million for the three months ended September 30, 2025. The decrease was due to a 30 basis point decrease in the average cost of deposits to 3.28% for the three months ended September 30, 2026 from 3.58% for the three months ended September 30, 2025. The decrease in the average cost of deposits was due to the lower interest rate environment and a decrease in the rate paid on certificates of deposit offset by an increase in the rate paid on savings accounts. Our rates on certificates of deposit decreased 32 basis points to 3.57% for the three months ended September 30, 2026 from 3.89% for the three months ended September 30, 2025 and the average balances of certificates of deposit decreased $100.4 million to $402.3 million for the three months ended September 30, 2026 from $502.7 million for the three months ended September 30, 2025. The average balance of NOW/money market accounts and savings accounts increased $14.1 million and $16.2 million for the three months ended September 30, 2026, respectively, compared to the three months ended September 30, 2025.

Interest expense on FHLB advances increased $306,000, or 27.6%, from $1.1 million for the three months ended September 30, 2025 to $1.4 million for the three months ended September 30, 2026. The increase was primarily due to an increase in the average balance of $22.6 million to $138.7 million for the three months ended September 30, 2026 from $116.1 million for the three months ended September 30, 2025 and an increase in the average cost of borrowings of 35 basis points to 4.14% for the three months ended September 30, 2026 from 3.79% for the three months ended September 30, 2025 due to the new borrowings being shorter durations at higher rates.

Net interest income increased $579,000, or 14.9%, to $4.5 million for the three months ended September 30, 2026 from $3.9 million for the three months ended September 30, 2025.  The increase reflected a 38 basis point increase in our net interest rate spread to 1.68% for the three months ended September 30, 2026 from 1.30% for the three months ended September 30, 2025. Our net interest margin increased 39 basis points to 2.19% for the three months ended September 30, 2026 from 1.80% for the three months ended September 30, 2025.

We recorded no provision for credit losses for the three months ended September 30, 2026 and we recorded a $50,000 recovery for credit losses for the three months ended September 30, 2025. All non-performing loans are impaired and have no allowance for credit losses due to adequate collateral and required no additional provisions for credit losses.

Non-interest income increased $16,000, or 4.9%, to $337,000 for the three months ended September 30, 2026 from $321,000 for the three months ended September 30, 2025 due to a higher income on bank-owned life insurance.

For the three months ended September 30, 2026, non-interest expense increased $467,000, or 12.5%, compared to the same period ended September 30, 2025. Salaries and employee benefits decreased $6,000, or 0.3%, due to lower headcount. FDIC insurance premiums decreased $4,000, or 4.4%, due to lower deposit balances in 2026. Data processing expense increased $35,000, or 11.9%, due to higher processing costs. Director fees decreased $27,000, or 17.8%, due to fewer members on the board. The increase in advertising expense of $35,000, or 337.0%, was due to marketing for a new branch opening. Merger expense was $311,000, due to higher legal expense associated with the pending merger. 

Income tax expense increased $59,000 to an expense of $132,000 for the three months ended September 30, 2026 from a $73,000 expense for the three months ended September 30, 2025. The increase was due to an increase of $64,000 in pre-tax income. 

Comparison of Operating Results for the Nine Months Ended September 30, 2026 and September 30, 2025

Net income increased $516,000 to $1.9 million for the nine months ended September 30, 2026 from $1.4 million for the nine months ended September 30, 2025. This increase was primarily due to an increase of $1.6 million in net interest income which was offset by a decrease of $223,000 in non-interest income, an increase of $187,000 in non-interest expense, an increase of $180,000 in the provision for credit losses and an increase of $451,000 in income tax expense.

Interest income decreased $1.5 million, or 4.8%, to $30.5 million for the nine months ended September 30, 2026 compared to $32.1 million for the nine months ended September 30, 2025.

Interest income on cash and cash equivalents decreased $150,000, or 27.3%, to $400,000 for the nine months ended September 30, 2026 from $550,000 for the nine months ended September 30, 2025 due to a $2.0 million decrease in the average balance to $12.5 million for the nine months ended September 30, 2026 from $14.4 million for the nine months ended September 30, 2025, reflecting a decrease in deposits and a reduction of borrowings.  This was also due to an 81 basis point decrease in the average yield from 5.09% for the nine months ended September 30, 2025 to 4.28% for the nine months ended September 30, 2026 resulting from the lower interest rate environment.

Interest income on loans decreased $1.4 million, or 5.7%, to $23.7 million for the nine months ended September 30, 2026 compared to $25.1 million for the nine months ended September 30, 2025, due primarily to a $51.6 million decrease in the average balance to $643.6 million for the nine months ended September 30, 2026 from $695.2 million for the nine months ended September 30, 2025 offset by an eight basis point increase in the yield.

Interest income on securities increased $241,000, or 4.1%, to $6.1 million for the nine months ended September 30, 2026, from $5.9 million for the nine months ended September 30, 2025, primarily due to a 21 basis point increase in the average yield from 5.34% for the nine months ended September 30, 2025, to 5.55% for the nine months ended September 30, 2026.  The increase was also due to a $157,000 increase in the average balance to $147.0 million for the nine months ended September 30, 2026, from $146.8 million for the nine months ended September 30, 2025.

Interest expense decreased $3.1 million, or 14.9%, from $20.9 million for the nine months ended September 30, 2025 to $17.8 million for the nine months ended September 30, 2026 due to lower average balances of certificates of deposits and borrowings and a lower cost provided on CDs.  During the nine months ended September 30, 2026, the use of hedges increased the interest expense on FHLB advances and brokered deposits by $1,000. At September 30, 2026, cash flow hedges used to manage interest rate risk had a notional value of $67.5 million, while fair value hedges totaled $30.0 million in notional value. 

Interest expense on interest-bearing deposits decreased $2.8 million, or 16.3%, to $14.1 million for the nine months ended September 30, 2026 from $16.9 million for the nine months ended September 30, 2025. The decrease was due to a 42 basis point decrease in the average cost of deposits to 3.31% for the nine months ended September 30, 2026 from 3.73% for the nine months ended September 30, 2025. The decrease in the average cost of deposits was due to the lower interest rate environment and a decrease in the rate paid on certificates of deposit offset by an increase in the rate paid on transactional accounts. Our rates on certificates of deposit decreased 47 basis points to 3.58% for the nine months ended September 30, 2026 from 4.05% for the nine months ended September 30, 2025 and the average balances of certificates of deposit decreased $55.5 million to $427.9 million for the nine months ended September 30, 2026 from $483.4 million for the nine months ended September 30, 2025. The average balance of NOW/money market accounts and savings accounts increased $7.1 million and $13.5 million for the nine months ended September 30, 2026, respectively, compared to the nine months ended September 30, 2025.

Interest expense on FHLB advances decreased $340,000, or 8.6%, from $4.0 million for the nine months ended September 30, 2025 to $3.6 million for the nine months ended September 30, 2026. The decrease was primarily due to a decrease in the average balance of $28.7 million to $115.4 million for the nine months ended September 30, 2026 from $144.1 million for the nine months ended September 30, 2025.  The decrease was offset by an increase in the average cost of borrowings of 27 basis points to 4.20% for the nine months ended September 30, 2026 from 3.93% for the nine months ended September 30, 2025 due to the new borrowings being shorter durations at higher rates.

Net interest income increased $1.6 million, or 13.9%, to $12.7 million for the nine months ended September 30, 2026 from $11.2 million for the nine months ended September 30, 2025.  The increase reflected a 36 basis point increase in our net interest rate spread to 1.57% for the nine months ended September 30, 2026 from 1.21% for the nine months ended September 30, 2025. Our net interest margin increased 37 basis points to 2.10% for the nine months ended September 30, 2026 from 1.73% for the nine months ended September 30, 2025.

We recorded a $50,000 provision for credit losses for the nine months ended September 30, 2026 compared to an $130,000 recovery for credit losses for the nine months ended September 30, 2025 due to higher delinquent commercial loan balances, offset by a decrease in loan balances.

Non-interest income decreased $223,000, or 14.5%, to $1.3 million for the nine months ended September 30, 2026 from $1.5 million for the nine months ended September 30, 2025 due to a $564,000 death benefit received in 2025 related to a former employee, offset by $300,000 received from an insurance claim during 2026 related to a previous year fraud loss.

For the nine months ended September 30, 2026, non-interest expense increased $187,000, or 1.6%, compared to the comparable September 30, 2025 period. Salaries and employee benefits decreased $108,000, or 1.8%, due to lower headcount. FDIC insurance premiums decreased $29,000, or 9.5%, due to lower deposit balances in 2026. Director fees decreased $92,000, or 19.1%, due to fewer members on the board. Professional fees decreased $112,000, or 12.0%, due to lower legal expense associated with a construction loan foreclosure in 2025. Merger expense was $311,000, due to higher legal expense associated with the upcoming merger.   Occupancy and equipment increased $96,000, or 4.9%, due to cost for a new branch in 2026.

Income tax expense increased $451,000 to an expense of $443,000 for the nine months ended September 30, 2026 from an $8,000 benefit for the nine months ended September 30, 2025. The increase was due to an increase of $1.5 million in pre-tax income. 

Balance Sheet Analysis at September 30, 2026 Compared to December 31, 2025

Total assets were $881.8 million at September 30, 2026, representing a decrease of $23.1 million, or 2.6%, from $904.9 million at December 31, 2025.  Cash and cash equivalents decreased $15.9 million during the period primarily as excess funds from increased borrowings, security maturities and loan payments were used to offset deposits outflows. Net loans decreased $532,000, or 0.08%, due to $47.0 million in repayments, partially offset by new production of $46.5 million. This decrease in net loans is also attributed to a $6.8 million decrease in residential loans, a $292,000 decrease in construction loans and a decrease of $6.4 million of commercial loans, offset by a $13.2 million increase in multi-family loans; commercial and industrial loans decreased $170,000, or 5.3% and consumer loans also decreased $56,000 or 47.5%.  Due to the interest rate environment, we have seen a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods, as well as consumer loans.  Securities available for sale decreased $11.7 million or 7.4%, due to repayments of mortgage-backed securities and maturities of corporate bonds. 

Delinquent loans increased $600,000 to $28.2 million, or 4.34% of total loans, at September 30, 2026, compared to $27.6 million or 4.25% of total loans at December 31, 2025. The balance of delinquent loans includes $14.3 million of commercial real estate loans associated with four large loans that have been over 90 days past due. The balance of delinquent loans also includes one $10.9 million construction loan that is in bankruptcy and has a 45% loan to value.   Management considers all delinquent loans to be well-secured. During the nine months ended September 30, 2026, non-performing assets increased from $15.1 million at December 31, 2025 to $28.3 million, which represented 3.22% of total assets at September 30, 2026. The increase in non-performing loans was due to four commercial loans totaling $14.7 million to one associated borrower. No loans were charged off during the nine months ended September 30, 2026 or September 30, 2025. The Company’s allowance for credit losses related to loans was 0.39% of total loans and 9.03% of non-performing loans at September 30, 2026 compared to 0.39% of total loans and 19.29% of non-performing loans at December 31, 2025.  The Bank has limited exposure to commercial real estate loans secured by office space. 

Total liabilities decreased $23.3 million, or 3.1%, to $740.7 million at September 30, 2026 from $764.0 million at December 31, 2025, mainly due to a $71.2 million decrease in deposits offset by an increase in borrowings. Total deposits decreased $71.2 million, or 10.9%, to $581.3 million at September 30, 2026 from $652.4 million at December 31, 2025. Management decided to reduce deposits due to the lack on new loan growth and the low yield on investments. The decrease in deposits reflected a decrease in certificate of deposit accounts, which decreased by $92.2 million to $401.7 million at September 30, 2026 from $493.9 million at December 31, 2025. This decrease was offset by savings accounts which increased by $16.5 million from $54.6 million at December 31, 2025 to $71.0 million at September 30, 2026 an increase in NOW deposit accounts and money market accounts, which increased by $3.0 million to $78.8 million, and by an increase in noninterest bearing demand accounts, which increased by $1.5 million from $28.2 million at December 31, 2025 to $29.7 million at September 30, 2026.  At September 30, 2026, brokered deposits were $95.5 million or 16.4% of deposits and municipal deposits were $42.8 million or 7.4% of deposits.  At September 30, 2026, uninsured deposits represented 28.5% of the Bank’s total deposits. FHLB advances increased $47.4 million, or 50.8%, due to the use of borrowings to fund deposit outflows.  Short-term borrowings increased $82.5 million, or 412.5%, to $102.5 million at September 30, 2026 from $20.0 million at December 31, 2025, while long-term borrowings decreased $35.1 million, or 47.9%, to $38.2 million at September 30, 2026 from $73.3 million at December 31, 2025.  Total borrowing capacity at the FHLB is $231.2 million of which $140.7 million has been advanced.

Total stockholders’ equity increased $230,000 to $141.1 million at September 30, 2026 from $140.9 million at December 31, 2025, primarily due to net income of $1.9 million, partially offset by a $1.0 million increase in accumulated other comprehensive loss and the repurchase of shares under the stock repurchase program. For the nine months ended September 30, 2026, the Company’s ratio of average stockholders’ equity-to-average total assets was 16.36%, compared to 15.02% for the nine months ended September 30, 2025.

About Bogota Financial Corp.

Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from eight offices located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany, Point Pleasant and Teaneck, New Jersey.

Forward-Looking Statements

This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, the imposition of tariffs or other domestic or international governmental policies and trade restrictions and retaliatory measures impacting our borrowers and the broader economy, the impact of a potential federal government shutdown, debt ceiling impasses or fiscal uncertainty, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; the availability of low-cost funding; our continued reliance on brokered and municipal deposits; demand for loans in our market area; changes in the quality of our loan and security portfolios, economic assumptions or changes in our methodology, either of which may impact our allowance for credit losses calculation, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System; the current or anticipated impact of military conflict, terrorism or other geopolitical  events; risks associated with cybersecurity threats, data breaches, ransomware attacks, or other failures in our operational or security systems and infrastructure, including the risks arising from our dependence on third-party service providers and vendors, the failure to maintain current technologies; failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

BOGOTA FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(unaudited)
		As of				As of
		September 30, 2026				December 31, 2025
Assets
Cash and due from banks		$	7,929,347			$	11,584,648
Interest-bearing deposits in other banks			11,779,829				24,013,947
Cash and cash equivalents			19,709,176				35,598,595
Securities available for sale, at fair value			146,411,304				158,064,631
Loans, net of allowance for credit losses of $2,551,949 and $2,529,949, respectively			647,113,747				647,645,607
Premises and equipment, net			4,623,461				4,399,202
Federal Home Loan Bank (“FHLB”) stock and other restricted securities			7,497,100				5,403,900
Accrued interest receivable			4,313,634				4,261,410
Core deposit intangibles			78,844				107,604
Bank-owned life insurance			32,460,252				31,774,855
Right of use asset			10,429,021				10,265,125
Investment in limited partnership			3,963,163				2,413,320
Other assets			5,247,573				5,013,251
Total Assets		$	881,847,275			$	904,947,500
Liabilities and Equity
Non-interest bearing deposits		$	29,697,424			$	28,177,516
Interest bearing deposits			551,571,246				624,269,541
Total deposits			581,268,670				652,447,057
FHLB advances-short term			102,500,000				20,000,000
FHLB advances-long term			38,191,326				73,322,132
Advance payments by borrowers for taxes and insurance			2,947,314				2,591,007
Lease liabilities			10,679,517				10,434,759
Other liabilities			5,121,765				5,244,197
Total liabilities			740,708,592				764,039,152
Stockholders’ Equity
Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at September 30, 2026 and December 31, 2025			—				—
Common stock $0.01 par value, 30,000,000 shares authorized, 12,757,803 issued and outstanding at September 30, 2026 and 12,925,572 at December 31, 2025			127,577				129,255
Additional paid-in capital			54,077,576				54,949,369
Retained earnings			94,023,505				92,097,426
Unearned ESOP shares (336,185 shares at September 30, 2026 and 356,188 shares at December 31, 2025)			(3,993,488	)			(4,219,390	)
Accumulated other comprehensive loss			(3,096,487	)			(2,048,312	)
Total stockholders’ equity			141,138,683				140,908,348
Total liabilities and stockholders’ equity		$	881,847,275			$	904,947,500

BOGOTA FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
Interest income
Loans, including fees		$	8,163,590			$	8,213,734			$	23,674,055			$	25,108,786
Securities
Taxable			1,996,519				2,099,657				6,113,933				5,873,411
Tax-exempt			2,886				2,892				8,663				8,681
Other interest-earning assets			270,228				311,250				714,219				1,065,408
Total interest income			10,433,223				10,627,533				30,510,870				32,056,286
Interest expense
Deposits			4,545,095				5,624,968				14,148,760				16,911,430
FHLB advances			1,415,391				1,108,526				3,623,170				3,962,974
Total interest expense			5,960,486				6,733,494				17,771,930				20,874,404
Net interest income			4,472,737				3,894,039				12,738,940				11,181,882
Provision (recovery) for credit losses			—				(50,000	)			50,000				(130,000	)
Net interest income after provision (recovery) for credit losses			4,472,737				3,944,039				12,688,940				11,311,882
Non-interest income
Fees and service charges			58,278				59,703				169,772				175,277
Gain on sale of loans			—				—				—				37,830
Bank-owned life insurance			234,775				221,733				685,397				1,212,356
Other			43,971				39,902				463,821				116,957
Total non-interest income			337,024				321,338				1,318,990				1,542,420
Non-interest expense
Salaries and employee benefits			2,017,854				2,023,727				6,055,389				6,163,868
Occupancy and equipment			705,200				639,570				2,047,962				1,951,483
FDIC insurance assessment			94,139				98,438				279,543				308,958
Data processing			328,157				293,200				917,010				913,931
Advertising			45,225				10,350				135,725				131,850
Director fees			126,631				154,122				391,893				484,378
Professional fees			331,429				361,620				820,876				932,714
Merger expenses			310,979				—				310,979				—
Other			245,336				156,897				679,471				564,914
Total non-interest expense			4,204,950				3,737,924				11,638,848				11,452,096
Income before income taxes			604,811				527,453				2,369,082				1,402,206
Income tax expense (benefit)			132,200				72,828				443,003				(7,761	)
Net income		$	472,611			$	454,625			$	1,926,079			$	1,409,967
Earnings per Share – basic		$	0.04			$	0.04			$	0.15			$	0.11
Earnings per Share – diluted		$	0.04			$	0.04			$	0.15			$	0.11
Weighted average shares outstanding – basic			12,425,946				12,637,950				12,573,824				12,641,128
Weighted average shares outstanding – diluted			12,438,175				12,650,192				12,575,879				12,642,660

BOGOTA FINANCIAL CORP.
SELECTED RATIOS
(unaudited)
		At or For the Three Months								At or for the Nine Months
		Ended September 30,								Ended September 30,
		2026				2025				2026				2025
Performance Ratios (1):
Return on average assets (2)			0.05	%			0.05	%			0.22	%			0.15	%
Return on average equity (3)			0.33	%			0.33	%			1.36	%			1.02	%
Interest rate spread (4)			1.68	%			1.30	%			1.57	%			1.21	%
Net interest margin (5)			2.19	%			1.80	%			2.10	%			1.73	%
Efficiency ratio (6)			87.43	%			88.67	%			82.79	%			90.00	%
Average interest-earning assets to average interest-bearing liabilities			117.48	%			116.24	%			117.71	%			115.57	%
Net loans to deposits			111.33	%			103.48	%			111.33	%			103.48	%
Average equity to average assets (7)			16.15	%			15.08	%			16.36	%			15.02	%
Capital Ratios:
Tier 1 capital to average assets											16.67	%			15.46	%
Asset Quality Ratios:
Allowance for credit losses as a percent of total loans											0.39	%			0.38	%
Allowance for credit losses as a percent of non-performing loans											9.03	%			12.42	%
Net charge-offs to average outstanding loans during the period											0.00	%			0.00	%
Non-performing loans as a percent of total loans											4.37	%			3.06	%
Non-performing assets as a percent of total assets											3.22	%			2.21	%

(1)			Certain performance ratios for the three and nine months ended September 30, 2026 and 2025 are annualized.
(2)			Represents net income divided by average total assets.
(3)			Represents net income divided by average stockholders’ equity.
(4)			Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2026 and 2025.
(5)			Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2026 and 2025.
(6)			Represents non-interest expenses divided by the sum of net interest income and non-interest income.
(7)			Represents average stockholders’ equity divided by average total assets.

LOANS 

Loans are summarized as follows at September 30, 2026 and December 31, 2025:

		September 30,				December 31,
		2026				2025
		(unaudited)
Real estate:
Residential First Mortgage		$	437,073,254			$	443,894,498
Commercial Real Estate			115,591,491				121,960,681
Multi-Family Real Estate			72,142,878				58,944,579
Construction			21,754,735				22,046,399
Commercial and Industrial			3,041,399				3,211,338
Consumer			61,939				118,061
Total loans			649,665,696				650,175,556
Allowance for credit losses			(2,551,949	)			(2,529,949	)
Net loans		$	647,113,747			$	647,645,607

The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated:

		At September 30,												At December 31,
		2026												2025
		Amount				Percent				Average Rate				Amount				Percent				Average Rate
		(unaudited)
Non-interest bearing demand accounts		$	29,697,424				5.11	%			—	%		$	28,177,516				4.32	%			—	%
NOW accounts			69,774,998				12.00	%			2.66				65,532,122				10.04	%			2.76
Money market accounts			9,010,864				1.55	%			0.41				10,244,512				1.57	%			0.44
Savings accounts			71,040,175				12.22	%			2.73				54,558,439				8.36	%			2.13
Certificates of deposit			401,745,209				69.12	%			3.59				493,934,468				75.70	%			3.75
Total		$	581,268,670				100.00	%			3.14	%		$	652,447,057				100.00	%			3.30	%

Average Balance Sheets and Related Yields and Rates 

The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material.

		Three Months Ended September 30,
		2026												2025
		Average Balance				Interest and Dividends				Yield/ Cost				Average Balance				Interest and Dividends				Yield/ Cost
		(Dollars in thousands)
Assets:		(unaudited)
Cash and cash equivalents		$	16,148			$	170				4.16	%		$	16,683			$	179				4.27	%
Loans			642,560				8,164				5.04	%			682,956				8,214				4.77	%
Securities			147,351				1,999				5.43	%			153,945				2,103				5.46	%
Other interest-earning assets			7,421				100				5.43	%			6,460				132				8.16	%
Total interest-earning assets			813,480				10,433				5.10	%			860,044				10,628				4.91	%
Non-interest-earning assets			63,180												64,826
Total assets		$	876,660											$	924,870
Liabilities and equity:
NOW and money market accounts		$	84,782			$	509				2.29	%		$	70,644			$	434				2.44	%
Savings accounts			66,678				462				2.55	%			50,442				269				2.11	%
Certificates of deposit (1)			402,280				3,574				3.57	%			502,657				4,922				3.89	%
Total interest-bearing deposits			553,740				4,545				3.28	%			623,763				5,625				3.58	%
FHLB advances (1)			138,726				1,415				4.14	%			116,134				1,109				3.79	%
Total interest-bearing liabilities			692,466				5,960				3.42	%			739,898				6,734				3.61	%
Non-interest-bearing deposits			29,387												29,427
Other non-interest-bearing liabilities			13,255												16,114
Total liabilities			735,108												785,439
Total equity			141,552												139,431
Total liabilities and equity		$	876,660											$	924,870
Net interest income						$	4,473											$	3,894
Interest rate spread (2)											1.68	%											1.30	%
Net interest margin (3)											2.19	%											1.80	%
Average interest-earning assets to average interest-bearing liabilities			117.48	%											116.24	%

1. Cash flow and fair value hedges are used to manage interest rate risk. During the three months ended September 30, 2026 and 2025, the net effect on interest expense on the FHLB advances and certificates of deposit was an increased expense of $22,000 and a reduced expense of $205,000, respectively.
2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
3. Net interest margin represents net interest income divided by average total interest-earning assets.

		Nine Months Ended September 30,
		2026												2025
		Average Balance				Interest and Dividends				Yield/ Cost				Average Balance				Interest and Dividends				Yield/ Cost
		(Dollars in thousands)
Assets:
Cash and cash equivalents		$	12,459			$	400				4.28	%		$	14,420			$	550				5.09	%
Loans			643,579				23,674				4.90	%			695,200				25,109				4.82	%
Securities			146,977				6,123				5.55	%			146,820				5,882				5.34	%
Other interest-earning assets			6,374				314				6.58	%			7,277				515				9.44	%
Total interest-earning assets			809,389				30,511				5.03	%			863,717				32,056				4.95	%
Non-interest-earning assets			55,873												58,963
Total assets		$	865,262											$	922,680
Liabilities and equity:
NOW and money market accounts		$	83,420			$	1,517				2.43	%		$	74,409			$	1,338				2.40	%
Savings accounts			60,846				1,166				2.56	%			48,358				743				2.06	%
Certificates of deposit (1)			427,898				11,466				3.58	%			489,876				14,830				4.05	%
Total interest-bearing deposits			572,164				14,149				3.31	%			612,643				16,911				3.73	%
FHLB advances (1)			115,430				3,623				4.20	%			134,689				3,963				3.93	%
Total interest-bearing liabilities			687,594				17,772				3.46	%			747,332				20,874				3.73	%
Non-interest-bearing deposits			29,593												31,413
Other non-interest-bearing liabilities			6,559												5,367
Total liabilities			723,746												784,112
Total equity			141,516												138,568
Total liabilities and equity		$	865,262											$	922,680
Net interest income						$	12,739											$	11,182
Interest rate spread (2)											1.57	%											1.21	%
Net interest margin (3)											2.10	%											1.73	%
Average interest-earning assets to average interest-bearing liabilities			117.71	%											115.57	%

1. Cash flow and fair value hedges are used to manage interest rate risk. During the nine months ended September 30, 2026 and 2025, the net effect on interest expense on the FHLB advances and certificates of deposit was an increased expense of $1,000 and a reduced expense of $568,000, respectively.
2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
3. Net interest margin represents net interest income divided by average total interest-earning assets.

Rate/Volume Analysis

The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume.

		Three Months Ended September 30, 2026												Nine Months Ended September 30, 2026
		Compared to												Compared to
		Three Months Ended September 30, 2025												Nine Months Ended September 30, 2025
		Increase (Decrease) Due to												Increase (Decrease) Due to
		Volume				Rate				Net				Volume				Rate				Net
		(In thousands)
Interest income:		(unaudited)
Cash and cash equivalents		$	(5	)		$	(4	)		$	(9	)		$	(69	)		$	(81	)		$	(150	)
Loans receivable			(1,910	)			1,860				(50	)			(2,082	)			647				(1,435	)
Securities			(92	)			(12	)			(104	)			6				235				241
Other interest earning assets			99				(131	)			(32	)			(58	)			(143	)			(201	)
Total interest-earning assets			(1,909	)			1,714				(195	)			(2,203	)			658				(1,545	)
Interest expense:
NOW and money market accounts			220				(145	)			75				161				18				179
Savings accounts			117				76				193				218				205				423
Certificates of deposit			(955	)			(393	)			(1,348	)			(1,755	)			(1,609	)			(3,364	)
FHLB advances			207				99				306				(721	)			381				(340	)
Total interest-bearing liabilities			(411	)			(363	)			(774	)			(2,096	)			(1,006	)			(3,102	)
Net increase in net interest income		$	(1,498	)		$	2,077			$	579			$	(107	)		$	1,664			$	1,557

Contacts
Kevin Pace – President & CEO, 201-862-0660 ext. 1110

VANCOUVER, BC and BOSTON, MA, Oct. 30, 2026 (GLOBE NEWSWIRE) — Xenon Pharmaceuticals Inc. (Nasdaq: XENE), a neuroscience-focused biopharmaceutical company dedicated to drug discovery, clinical development, and commercialization of life-changing therapeutics for patients in need, today announced equity inducement grants to nine new non-officer employees consisting of an aggregate of 24,250 share options and 14,250 restricted share units (RSUs). All of the foregoing share options and RSUs were approved by the Compensation Committee of the Company’s Board of Directors with an effective date of October 29, 2026 and were granted as inducements material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The share options have an exercise price of $37.54 per common share, which is equal to the closing price per share of Xenon’s common shares on the grant date of October 29, 2026. The share option grants vest over four years, with 25% vesting on the one-year anniversary of the respective employee’s start date and 1/36th of the remaining options vesting monthly thereafter on the last day of each month, subject to such option recipient’s continued service relationship with the Company. Each option has a 10-year term and is subject to the terms and conditions of the share option agreement and the terms of the Company’s Amended and Restated 2025 Inducement Equity Incentive Plan. The RSUs will vest as to 25% of the underlying shares on each of the first four anniversaries of the grant date of October 29, 2026, subject to such employee’s continued service relationship with the Company. Each RSU grant is subject to the terms and conditions of the restricted share unit award agreement and the terms of the Company’s Amended and Restated 2025 Inducement Equity Incentive Plan.

About Xenon Pharmaceuticals Inc.
Xenon Pharmaceuticals (Nasdaq: XENE) is a neuroscience-focused biopharmaceutical company dedicated to drug discovery, clinical development, and commercialization of life-changing therapeutics for patients in need. Xenon’s lead molecule, azetukalner, is a novel, potent K_V7 potassium channel opener in late-stage clinical development for the treatment of epilepsy, major depressive disorder and bipolar depression. Xenon is also advancing an early-stage portfolio of multiple promising potassium and sodium channel modulators, including K_V7 and Na_V1.7 programs in Phase 1 development for the potential treatment of pain. Xenon has offices in Vancouver, British Columbia, and Boston, Massachusetts. For more information, visit www.xenon-pharma.com and follow us on LinkedIn and X.
  
Xenon and the Xenon logo are registered trademarks or trademarks of Xenon Pharmaceuticals Inc. in the US, Canada, and elsewhere. All other trademarks belong to their respective owner.

Contacts:
For Investors: 
Laura Perry/Emily Huang
Argot Partners 
Xenon@argotpartners.com

For Media:
Colleen Alabiso 
Senior Vice President, Corporate Affairs 
media@xenon-pharma.com 

MALVERN, Pa., Oct. 30, 2026 (GLOBE NEWSWIRE) — Meridian Corporation (Nasdaq: MRBK) today reported:

	Three Months Ended
(Dollars in thousands, except per share data) (Unaudited)	September 30, 2026			June 30, 2026			September 30, 2025
Income:
Net income	$	5,207		$	5,807		$	6,659
Diluted earnings per common share		0.43			0.48			0.58

• Net income for the quarter ended September 30, 2026 was $5.2 million, or $0.43 per diluted share, a decrease of $600 thousand, or 10.3%, from the prior quarter.
• Return on average assets and return on average equity for the third quarter of 2026 were 0.80% and 9.97%, respectively.
• Net interest margin was 3.77%, up 8 basis points from prior quarter.
• Non-performing loans decreased $3.8 million from June 30, 2026 to September 30, 2026 and another $2.7 million settled subsequent to September 30, 2026, resulting in a combined reduction of $6.5 million or 8%.
• Wealth management income for the third quarter was $1.9 million, up 10.0% over prior quarter.
• On October 29, 2026, the Board of Directors declared a quarterly cash dividend of $0.14 per common share, payable November 16, 2026 to shareholders of record as of November 9, 2026.

Christopher J. Annas, Chairman and CEO commented:

“The Meridian team delivered a solid third quarter and strong net interest margin. Loan balances are generally flat nine months to date, but we actually booked $363 million over the period in lines of credit and term loans. Balances have been impacted partly by strategic paydowns in leasing and SBA, which totaled $43 million for the nine months, as well as competition from PE firms.

The wealth group grew quarterly pre-tax income by 35% over the third quarter of 2025 due to higher AUM, better efficiencies, and a good referral pipeline from our commercial group. Our mortgage group had a down third quarter, which is historically the most productive, as closed loans declined 27% from the prior quarter. Low housing inventory is dogging the industry with higher rates having a lesser impact. Mortgage’s quarterly pre-tax loss of $1.6 million included a non-operating $955 thousand loss on a small portfolio of mortgage loans that are fair-valued quarterly. We continue to make mortgage cost adjustments to align with volume.

We remain intensely focused on resolving non-performing loans without incurring elevated charge-offs. We had improvements in the third quarter, but this takes time and should result in stronger recoveries. We have strengthened our treasury and payments teams with experienced industry professionals in a concentrated effort to improve our deposit franchise and expect this to yield good results in 2027. Our ROA and ROE ratios remain strong despite some headwinds, and we look forward to improvement in the coming year.”

Select Condensed Financial Information

	As of or for the three months ended (Unaudited)
	September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
	(Dollars in thousands, except per share data)
Income:
Net income	$	5,207			$	5,807			$	2,006			$	7,186			$	6,659
Basic earnings per common share		0.44				0.49				0.17				0.62				0.59
Diluted earnings per common share		0.43				0.48				0.17				0.61				0.58
Net interest income		23,436				22,791				23,202				23,627				23,116
Balance Sheet:
Total assets	$	2,571,545			$	2,593,176			$	2,576,581			$	2,561,995			$	2,541,130
Loans, net of fees and costs		2,163,832				2,177,978				2,181,575				2,170,600				2,162,845
Total deposits		2,166,882				2,194,438				2,169,960				2,158,128				2,131,116
Non-interest bearing deposits		253,433				246,357				243,458				245,377				239,614
Stockholders’ equity		203,628				204,810				200,225				199,716				188,029
Balance Sheet Average Balances:
Total assets	$	2,567,416			$	2,585,821			$	2,574,268			$	2,588,357			$	2,534,565
Total interest earning assets		2,469,890				2,485,398				2,472,659				2,495,922				2,443,261
Loans, net of fees and costs		2,162,950				2,180,863				2,175,938				2,200,626				2,146,651
Total deposits		2,196,765				2,188,649				2,171,837				2,173,242				2,143,821
Non-interest bearing deposits		261,051				252,600				250,203				256,554				253,374
Stockholders’ equity		207,190				203,901				202,577				192,799				183,242
Performance Ratios (Annualized):
Return on average assets		0.80	%			0.90	%			0.32	%			1.10	%			1.04	%
Return on average equity		9.97	%			11.42	%			4.02	%			14.79	%			14.42	%

Income Statement – Third Quarter 2026 Compared to Second Quarter 2026

Third quarter net income decreased $600 thousand, or 10.3%, to $5.2 million due largely to a decrease in non-interest income of $3.2 million, and an increase in non-interest expense of $799 thousand, partially offset by a decrease of $1.8 million in the provision for credit losses, and a decrease in income tax expense of $894 thousand over the prior quarter. Detailed explanations of the major categories of income and expense follow below.

Net Interest income

The rate/volume analysis table below analyzes dollar changes in the components of interest income and interest expense as they relate to the change in balances (volume) and the change in interest rates (rate) of tax-equivalent net interest income for the periods indicated and allocated by rate and volume. Changes in interest income and/or expense related to changes attributable to both volume and rate have been allocated proportionately based on the relationship of the absolute dollar amount of the change in each category.

	Three Months Ended
(dollars in thousands)	September 30, 2026			June 30, 2026			$ Change				% Change			Change due to rate				Change due to volume
Interest income:
Cash and cash equivalents	$	279		$	311		$	(32	)		(10.3)%			$	(1	)		$	(31	)
Investment securities – taxable		1,956			1,830			126			6.9	%			43				83
Investment securities – tax exempt(1)		362			393			(31	)		(7.9)%				(28	)			(3	)
Loans held for sale		624			616			8			1.3	%			6				2
Loans held for investment		38,274			37,702			572			1.5	%			734				(162	)
Total loans		38,898			38,318			580			1.5	%			740				(160	)
Total interest income	$	41,495		$	40,852		$	643			1.6	%		$	754			$	(111	)
Interest expense:
Interest-bearing demand deposits	$	1,183		$	1,149		$	34			3.0	%		$	53			$	(19	)
Money market and savings deposits		7,239			7,263			(24	)		(0.3)%				(10	)			(14	)
Time deposits		7,665			7,337			328			4.5	%			175				153
Total interest – bearing deposits		16,087			15,749			338			2.1	%			218				120
Borrowings		908			1,233			(325	)		(26.4)%				11				(336	)
Subordinated debentures		1,022			1,007			15			1.5	%			12				3
Total interest expense		18,017			17,989			28			0.2	%			241				(213	)
Net interest income differential	$	23,478		$	22,863		$	615			2.69	%		$	513			$	102
(1) Reflected on a tax-equivalent basis.

Interest income increased $643 thousand quarter-over-quarter on a tax equivalent basis, driven mainly by an increase in the yield on loans held for investment of 9 basis points, while average balances of loans held for sale and loans held for investment declined over this period. Overall the yield on interest-earnings assets increased 8 basis points and had a positive impact of $754 thousand on interest income, while the average balance of interest earning assets decreased by $15.5 million, having a negative impact to interest income of $111 thousand. The yield on loans improved 7 basis points due to the recording of $388 thousand in previously unaccrued interest income on a $2.5 million residential mortgage non-performing loan that was returned to accrual status during the period and then was subsequently satisfied in full.

Average total loans, excluding residential loans for sale, decreased $18.0 million. The largest drivers were decreases in commercial loans, SBA loans, residential loans, and leases, which on a combined basis decreased $33.8 million on average. Partially offsetting these decreases were increases of $8.7 million in commercial real estate average balances, a $3.0 million increase in the average balance of construction loans, along with an increase in average home equity loan balances of $3.1 million.

Interest expense overall increased $28 thousand, quarter-over-quarter, as the increase in the cost of interest-bearing deposits was largely offset by a decline in average balances of certain deposit types and borrowings. Interest expense on total deposits increased $338 thousand, while interest expense on borrowings decreased $325 thousand.

The cost of interest-bearing demand deposits increased 11 basis points while time deposit costs increased by 7 basis points, driving the $218 thousand increase in interest expense on interest-bearing deposits. During the period average balances of interest-bearing checking accounts decreased $3.2 million, and money market and savings deposit balances decreased $9.3 million, while time deposit average balances increased $12.2 million, nearly netting out. Non-interest bearing deposits increased $9 million on average during the period and borrowings decreased $29.8 million on average.

Overall the net interest margin increased to 3.77%, compared to the prior quarter, driven by the increase in yield on loans held for investment, an increase in average non-interest bearing deposits, partially offset by an increase in cost of funds.

Provision for Credit Losses

For the third quarter the overall provision for credit losses fell by $1.8 million to $1.1 million, compared with $3.0 million in the second quarter. The primary reasons for the lower level of provision expense was a lower level of loan charge-offs and a decline in loan growth quarter over quarter. Charge-offs in the third quarter declined by $414 thousand help to drive down the provision.

Non-interest income

The following table presents the components of non-interest income for the periods indicated:

	Three Months Ended
(Dollars in thousands)	September 30, 2026				June 30, 2026			$ Change				% Change
Mortgage banking income(1)	$	4,937			$	6,229		$	(1,292	)		(20.7)%
Wealth management income		1,877				1,706			171			10.0	%
SBA loan income		(312	)			615			(927	)		(150.7)%
Earnings on investment in life insurance		292				245			47			19.2	%
Net change in the fair value of loans held-for-investment		(955	)			65			(1,020	)		(1569.2)%
Other		866				1,023			(157	)		(15.3)%
Total non-interest income	$	6,705			$	9,883		$	(3,178	)		(32.2)%
(1) Includes fair value change on mortgages held for sale and related hedging derivatives.

Total non-interest income decreased $3.2 million, or 32.2%, quarter-over-quarter as mortgage banking income decreased $1.3 million, there was a decrease of $1.0 million in the fair value of loans held-for-investment, and SBA loan income decreased $927 thousand.

The drivers of the decrease in mortgage banking income were a decline of $47.4 million in total mortgage loans sold, combined with a decrease of 10 basis points in the margin on sales. There was also a $1.0 million unfavorable change in the fair value of loans held-for-investment due largely to the rapid rise in the 10 year U.S. Treasury rate from June 30, 2026 to September 30, 2026.

SBA loan income decreased $927 thousand due to the decrease in SBA loans sold. $1.5 million of SBA loans were sold during the quarter-ended September 30, 2026 with a gross gain of $110 thousand, compared to $11.9 million in SBA loans sold for the quarter-ended June 30, 2026 with a gross gain of $946 thousand, a decrease in gain of $837 thousand. The decline in SBA loan income was also impacted by an increase in amortization expense period over period.

Wealth management income was $1.9 million for the quarter, up 10.0% from the prior quarter due to the double digit improvement in stock market indices at the end of the prior quarter, which drives a large percentage of fee income calculations.

Non-interest expense

The following table presents the components of non-interest expense for the periods indicated:

	Three Months Ended
(Dollars in thousands)	September 30, 2026			June 30, 2026			$ Change				% Change
Salaries and employee benefits	$	13,619		$	13,193		$	426			3.2	%
Occupancy and equipment		1,221			1,172			49			4.2	%
Professional fees		1,272			1,164			108			9.3	%
Data processing and software		2,216			2,018			198			9.8	%
Advertising and promotion		934			1,317			(383	)		(29.1)%
Pennsylvania bank shares tax		233			246			(13	)		(5.3)%
Other		3,531			3,117			414			13.3	%
Total non-interest expense	$	23,026		$	22,227		$	799			3.6	%

Salaries and benefits increased $426 thousand primarily due to an increase in salaries and health insurance costs for bank and wealth segments. Professional fees increased $108 thousand due to legal expenses related to non-performing loans, and data processing and software expense increased $198 thousand due to an increase in customer transaction volume quarter over quarter.

Advertising and promotion costs decreased $383 thousand, reflecting a decrease in special events in the current quarter, as the prior quarter is generally seasonally higher. Other expense increased $414 thousand largely due to an increase in OREO expenses.

Income Taxes

We recorded a $778 thousand income tax provision for the quarter-ended September 30, 2026, compared to $1.7 million for the quarter-end June 30, 2026. The effective tax rate was 13.0% for the quarter-ended September 30, 2026 compared to 22.4% for the quarter-ended June 30, 2026. This decrease in effective tax rate was primarily driven by the impact of $10 million in renewable energy tax credits purchased during the quarter, which reduced the third quarter income tax expense by approximately $600 thousand.

Balance Sheet – September 30, 2026 Compared to June 30, 2026

Total assets decreased $21.6 million, or 0.8%, to $2.6 billion as of September 30, 2026 from $2.6 billion as of June 30, 2026.

Total portfolio loans decreased $13.7 million, or 0.6% quarter-over-quarter. While there was growth of $27.1 million in construction and land development loans and $4.3 million in home equity lines and loans, these increases were offset by declines of $13.9 million in commercial mortgage loans, $10.7 million in small business loans, $9.7 million in commercial, industrial & other finance receivables, and $6.5 million in lease balances.

Total deposits decreased $27.6 million, or 1.3% quarter-over-quarter, led by an decrease of $34.6 million in interest-bearing deposits. Money market accounts and savings accounts decreased a combined $96.0 million, with $52 million of collateralized deposits being migrated from money market accounts to certificates of deposit products for customer efficiency. Non-interest bearing accounts increased $7.1 million or 2.9%, while interest bearing demand deposits increased $9.0 million, and borrowings increased $7.2 million, or 6.7% quarter-over-quarter.

Total stockholders’ equity decreased by $1.2 million from June 30, 2026, to $203.6 million as of September 30, 2026. Changes to equity for the quarter included net income of $5.2 million, partially offset by dividends paid of $1.7 million, and a decrease of $5.0 million in other comprehensive income. The tangible common equity ratio (TCE) increased to 7.80% and the Community Bank Leverage Ratio for the Bank increased 21 basis points to 9.93% as of September 30, 2026.

Asset Quality Summary

Non-performing loans decreased $3.8 million, or 4.6%, to $78.3 million as of September 30, 2026 compared to $82.1 million at June 30, 2026, with the major drivers of this decline from land development loans ($1.8 million), SBA loans ($1.0 million), and commercial mortgage loans ($807 thousand). The decrease in land development loans was the result of a $1.8 million loan being reclassified to loans held for sale as of September 30, 2026 due to pending note sale, while the decrease in commercial mortgage non-performing loans was the result of the reclassification of a loan relationship out of non-performing as these loans were in the process of collection as of September 30, 2026. The decline in non-performing SBA loans was partly due to an increase in charge-offs during the third quarter, combined with a lower level of SBA loans added to non-performing loan category in the third quarter, compared to the second quarter. SBA loans make up $23.6 million of total non-performing loans, with $13.6 million, or 57.6%, guaranteed by the SBA. The SBA portfolio was subject to the Fed’s rapid rate increase with 48.1%, of total non-performing SBA loans having been originated in 2020-2021 when rates were over 500 basis points lower.

The ratio of non-performing loans to total loans as of September 30, 2026 was 3.55%, down from 3.68% as of June 30, 2026, due to the decrease in non-performing loans detailed above. The ratio of non-performing loans to total loans, excluding the guaranteed portion of the SBA portfolio (a non-GAAP measure) was 2.93% as of September 30, 2026. As of September 30, 2026 there were specific reserves of $3.0 million against individually evaluated loans, a decrease of $237 thousand from June 30, 2026. Non-performing loans decreased $3.8 million from June 30, 2026 to September 30, 2026 and another $2.7 million settled subsequent to September 30, 2026, a combined reduction of $6.5 million or 8%.

Net charge-offs decreased to $1.9 million, or 0.09% of total average loans for the third quarter, compared to net charge-offs of $2.6 million, or 0.12%, for the second quarter. Third quarter charge-offs were driven by $934 thousand in SBA loans, $1.2 million in finance receivables, $413 thousand of small ticket equipment leases, and $125 thousand in commercial loans. Partially offsetting third quarter charge-offs were recoveries of $739 thousand mainly between SBA loans, finance receivables, and leases.

The ratio of allowance for credit losses to total loans held for investment was 0.96% as of September 30, 2026, compared to 0.99% reported as of June 30, 2026. The decline in this coverage ratio was due to a large percentage of charge-offs for the quarter ended September 30, 2026 being against loans that were specifically reserved for in prior quarters.

About Meridian Corporation

Meridian Bank, the wholly owned subsidiary of Meridian Corporation, is an innovative community bank serving Pennsylvania, New Jersey, Delaware, Maryland, and Florida. Through its 17 offices, including banking branches and mortgage locations, Meridian offers a full suite of financial products and services. Meridian specializes in business and industrial lending, retail and commercial real estate lending, electronic payments, and wealth management solutions through Meridian Wealth Partners. Meridian also offers a broad menu of high-yield depository products supported by robust online and mobile access. For additional information, visit our website at www.meridianbanker.com. Member FDIC.

“Safe Harbor” Statement

In addition to historical information, this press release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Meridian Corporation’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Meridian Corporation’s control). Numerous competitive, economic, regulatory, legal and technological factors, risks and uncertainties that could cause actual results to differ materially include, without limitation, credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL, including the timing of third-party appraisals and loan valuations from lead financial institutions in which we are a loan participant; cyber-security concerns; rapid technological developments and changes, including the development and use of artificial intelligence in business processes, services, and products; increased competitive pressures; changes in spreads on interest-earning assets and interest-bearing liabilities; changes in general economic conditions and conditions within the securities markets; escalating tariff and other trade policies and the resulting impacts on market volatility and global trade; the impact of uncertain or changing political conditions or any current or future federal government shutdown and uncertainty regarding the federal government’s debt limit; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and military conflicts, including the ongoing conflict in the Middle East, which could impact economic conditions in the United States; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; legislation affecting the financial services industry as a whole, and Meridian Corporation, in particular; changes in accounting policies, practices or guidance; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; among others, could cause Meridian Corporation’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. Meridian Corporation cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Meridian Corporation’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. Meridian Corporation does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by Meridian Corporation or by or on behalf of Meridian Bank.

MERIDIAN CORPORATION AND SUBSIDIARIES FINANCIAL RATIOS (Unaudited) (Dollar amounts and shares in thousands, except per share amounts)
	Three Months Ended
	September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Earnings and Per Share Data:
Net income	$	5,207			$	5,807			$	2,006			$	7,186			$	6,659
Basic earnings per common share	$	0.44			$	0.49			$	0.17			$	0.62			$	0.59
Diluted earnings per common share	$	0.43			$	0.48			$	0.17			$	0.61			$	0.58
Common shares outstanding		11,937				11,924				11,879				11,826				11,517
Performance Ratios:
Return on average assets(2)		0.80	%			0.90	%			0.32	%			1.10	%			1.04	%
Return on average equity(2)		9.97				11.42				4.02				14.79				14.42
Net interest margin (tax-equivalent)(2)		3.77				3.69				3.82				3.77				3.77
Yield on earning assets (tax-equivalent)(2)		6.67				6.59				6.69				6.82				7.01
Cost of funds(2)		3.08				3.08				3.04				3.23				3.42
Efficiency ratio		76.39	%			68.03	%			66.66	%			63.25	%			65.15	%
Asset Quality Ratios:
Net charge-offs (recoveries) to average loans		0.09	%			0.12	%			0.35	%			0.16	%			0.09	%
Non-performing loans to total loans		3.55				3.68				2.64				2.50				2.53
Non-performing assets to total assets		3.23				3.40				2.51				2.38				2.32
Allowance for credit losses to:
Total loans and other finance receivables		0.96				0.99				0.97				0.99				1.01
Total loans and other finance receivables (excluding loans at fair value)(1)		0.96				0.99				0.98				1.00				1.01
Non-performing loans		26.42	%			26.15	%			36.23	%			39.18	%			39.37	%
Capital Ratios:
Book value per common share	$	17.06			$	17.18			$	16.86			$	16.89			$	16.33
Tangible book value per common share	$	16.78			$	16.89			$	16.57			$	16.59			$	16.02
Total equity/Total assets		7.92	%			7.90	%			7.77	%			7.80	%			7.40	%
Tangible common equity/Tangible assets – Corporation(1)		7.80				7.78				7.65				7.67				7.27
Tangible common equity/Tangible assets – Bank(1)		9.64				9.51				9.38				9.41				9.16
Tier 1 leverage ratio – Bank		9.93				9.72				9.58				9.50				9.41
Common tier 1 risk-based capital ratio – Bank		10.87				10.65				10.52				10.66				10.52
Tier 1 risk-based capital ratio – Bank		10.87				10.65				10.52				10.66				10.52
Total risk-based capital ratio – Bank		11.83	%			11.64	%			11.51	%			11.65	%			11.54	%
(1) See Non-GAAP reconciliation in the Appendix
(2) Annualized

MERIDIAN CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollar amounts and shares in thousands, except per share amounts)
	Three Months Ended										NineMonths Ended
	September 30, 2026				June 30, 2026			September 30, 2025			September 30, 2026				September 30, 2025
Interest income:
Loans and other finance receivables, including fees	$	38,898			$	38,318		$	40,477		$	115,360			$	115,723
Securities – taxable		1,956				1,830			1,895			5,633				5,380
Securities – tax-exempt		320				321			325			964				933
Cash and cash equivalents		279				311			412			988				1,452
Total interest income		41,453				40,780			43,109			122,945				123,488
Interest expense:
Deposits		16,087				15,749			17,418			47,059				51,587
Borrowings and subordinated debentures		1,930				2,240			2,575			6,457				7,850
Total interest expense		18,017				17,989			19,993			53,516				59,437
Net interest income		23,436				22,791			23,116			69,429				64,051
Provision for credit losses		1,130				2,968			2,850			11,591				11,865
Net interest income after provision for credit losses		22,306				19,823			20,266			57,838				52,186
Non-interest income:
Mortgage banking income(1)		4,937				6,229			5,802			15,281				15,314
Wealth management income		1,877				1,706			1,610			5,312				4,637
SBA loan income		(312	)			615			1,431			453				4,167
Earnings on investment in life insurance		292				245			246			809				708
Net gain (loss) on sale of MSRs		—				—			—			(159	)			415
Net change in the fair value of loans held-for-investment		(955	)			65			213			(929	)			573
Other		866				1,023			651			2,858				2,751
Total non-interest income		6,705				9,883			9,953			23,625				28,565
Non-interest expense:
Salaries and employee benefits		13,619				13,193			13,613			39,198				38,177
Occupancy and equipment		1,221				1,172			991			3,576				3,366
Professional fees		1,272				1,164			1,092			3,410				3,019
Data processing and software		2,216				2,018			1,865			6,207				5,050
Advertising and promotion		934				1,317			877			2,943				2,933
Pennsylvania bank shares tax		233				246			254			737				792
Other		3,531				3,117			2,854			9,340				8,309
Total non-interest expense		23,026				22,227			21,546			65,411				61,646
Income before income taxes		5,985				7,479			8,673			16,052				19,105
Income tax expense		778				1,672			2,014			3,032				4,455
Net income	$	5,207			$	5,807		$	6,659		$	13,020			$	14,650
Basic earnings per common share	$	0.44			$	0.49		$	0.59		$	1.10			$	1.30
Diluted earnings per common share	$	0.43			$	0.48		$	0.58		$	1.07			$	1.28
Basic weighted average shares outstanding		11,900				11,859			11,325			11,857				11,252
Diluted weighted average shares outstanding		12,222				12,174			11,540			12,183				11,458
(1) Includes FV change on mortgages HFS and related hedging derivatives

MERIDIAN CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (Unaudited) (Dollar amounts and shares in thousands, except per share amounts)
	September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Assets:
Cash and due from banks	$	11,868			$	11,209			$	12,458			$	10,358			$	12,605
Interest-bearing deposits at other banks		16,709				24,998				15,811				25,420				27,384
Cash and cash equivalents		28,577				36,207				28,269				35,778				39,989
Securities available-for-sale, at fair value		203,602				200,552				196,012				193,457				194,268
Securities held-to-maturity, at amortized cost		32,395				32,445				32,494				32,544				32,593
Equity investments		2,061				2,146				2,137				2,166				2,150
Commercial loans held for sale		1,791				—				—				—				—
Mortgage loans held for sale		42,076				54,898				38,960				33,762				28,016
Loans and other finance receivables, net of fees and costs		2,163,832				2,177,978				2,181,575				2,170,600				2,162,845
Allowance for credit losses		(20,690	)			(21,463	)			(21,252	)			(21,573	)			(21,794	)
Loans and other finance receivables, net of the allowance for credit losses		2,143,142				2,156,515				2,160,323				2,149,027				2,141,051
Restricted investment in bank stock		7,129				7,484				7,699				7,811				8,350
Bank premises and equipment, net		12,261				12,437				12,298				12,402				12,413
Bank owned life insurance		31,497				31,205				30,959				30,687				30,421
Accrued interest receivable		11,836				10,680				11,015				10,724				10,944
OREO and other repossessed assets		4,853				6,081				6,009				5,997				3,714
Deferred income taxes		6,103				4,535				4,548				4,215				4,989
Servicing assets		3,307				3,642				3,694				3,932				3,845
Goodwill		899				899				899				899				899
Intangible assets		2,410				2,461				2,512				2,563				2,614
Other assets		37,606				30,989				38,753				36,031				24,874
Total assets	$	2,571,545			$	2,593,176			$	2,576,581			$	2,561,995			$	2,541,130
Liabilities:
Deposits:
Non-interest bearing	$	253,433			$	246,357			$	243,458			$	245,377			$	239,614
Interest bearing:
Interest checking		160,206				151,235				157,151				157,360				151,973
Money market and savings deposits		937,082				1,033,043				1,013,533				1,023,290				996,126
Time deposits		816,161				763,803				755,818				732,101				743,403
Total interest-bearing deposits		1,913,449				1,948,081				1,926,502				1,912,751				1,891,502
Total deposits		2,166,882				2,194,438				2,169,960				2,158,128				2,131,116
Borrowings		115,219				108,032				120,838				117,338				137,265
Subordinated debentures		49,736				49,705				49,675				49,853				49,822
Accrued interest payable		4,666				5,587				6,620				6,531				7,095
Other liabilities		31,414				30,604				29,263				30,429				27,803
Total liabilities		2,367,917				2,388,366				2,376,356				2,362,279				2,353,101
Stockholders’ equity:
Common stock		13,940				13,927				13,882				13,830				13,521
Surplus		91,397				91,137				90,885				90,352				85,122
Treasury stock		(26,079	)			(26,079	)			(26,079	)			(26,079	)			(26,079	)
Unearned common stock held by ESOP		(1,232	)			(1,232	)			(1,232	)			(1,232	)			(1,006	)
Retained earnings		136,149				132,614				128,472				128,124				122,376
Accumulated other comprehensive loss		(10,547	)			(5,557	)			(5,703	)			(5,279	)			(5,905	)
Total stockholders’ equity		203,628				204,810				200,225				199,716				188,029
Total liabilities and stockholders’ equity	$	2,571,545			$	2,593,176			$	2,576,581			$	2,561,995			$	2,541,130

MERIDIAN CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SEGMENT INFORMATION (Unaudited) (Dollar amounts and shares in thousands, except per share amounts)
	Three Months Ended
	September 30, 2026			June 30, 2026			March 31, 2026			December 31, 2025			September 30, 2025
Interest income	$	41,453		$	40,780		$	40,712		$	42,826		$	43,109
Interest expense		18,017			17,989			17,510			19,199			19,993
Net interest income		23,436			22,791			23,202			23,627			23,116
Provision for credit losses		1,130			2,968			7,493			3,287			2,850
Non-interest income		6,705			9,883			7,037			10,615			9,953
Non-interest expense		23,026			22,227			20,158			21,658			21,546
Income before income tax expense		5,985			7,479			2,588			9,297			8,673
Income tax expense		778			1,672			582			2,111			2,014
Net Income	$	5,207		$	5,807		$	2,006		$	7,186		$	6,659
Basic weighted average shares outstanding		11,900			11,859			11,811			11,543			11,325
Basic earnings per common share	$	0.44		$	0.49		$	0.17		$	0.62		$	0.59
Diluted weighted average shares outstanding		12,222			12,174			12,153			11,771			11,540
Diluted earnings per common share	$	0.43		$	0.48		$	0.17		$	0.61		$	0.58

	Segment Information
	ThreeMonths EndedSeptember 30, 2026																ThreeMonths EndedSeptember 30, 2025
(dollars in thousands)	Bank				Wealth				Mortgage				Total				Bank				Wealth				Mortgage				Total
Net interest income	$	23,239			$	59			$	138			$	23,436			$	22,972			$	43			$	101			$	23,116
Provision for credit losses		1,130				—				—				1,130				2,850				—				—				2,850
Net interest income after provision		22,109				59				138				22,306				20,122				43				101				20,266
Non-interest income		855				1,877				3,973				6,705				2,363				1,610				5,980				9,953
Non-interest expense		16,029				1,247				5,750				23,026				14,831				1,141				5,574				21,546
Income before income taxes	$	6,935			$	689			$	(1,639	)		$	5,985			$	7,654			$	512			$	507			$	8,673
Efficiency ratio		67	%			64	%			140	%			76	%			59	%			69	%			92	%			65	%
	NineMonths EndedSeptember 30, 2026																NineMonths EndedSeptember 30, 2025
(dollars in thousands)	Bank				Wealth				Mortgage				Total				Bank				Wealth				Mortgage				Total
Net interest income	$	68,910			$	177			$	342			$	69,429			$	63,701			$	116			$	234			$	64,051
Provision for credit losses		11,591				—				—				11,591				11,865				—				—				11,865
Net interest income after provision		57,319				177				342				57,838				51,836				116				234				52,186
Non-interest income		4,098				5,313				14,214				23,625				7,304				4,638				16,623				28,565
Non-interest expense		45,042				3,415				16,954				65,411				42,639				2,908				16,099				61,646
Income before income taxes	$	16,375			$	2,075			$	(2,398	)		$	16,052			$	16,501			$	1,846			$	758			$	19,105
Efficiency ratio		62	%			62	%			116	%			70	%			60	%			61	%			96	%			67	%

MERIDIAN CORPORATION AND SUBSIDIARIES
APPENDIX: NON-GAAP MEASURES (Unaudited)
(Dollar amounts and shares in thousands, except per share amounts)

Meridian believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts. The non-GAAP disclosure have limitations as an analytical tool, should not be viewed as a substitute for performance and financial condition measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Meridian’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

	Pre-Provision Net Revenue Reconciliation
	Three Months Ended									NineMonths Ended
(Dollars in thousands, except per share data, Unaudited)	September 30, 2026			June 30, 2026			September 30, 2025			September 30, 2026			September 30, 2025
Income before income tax expense	$	5,985		$	7,479		$	8,673		$	16,053		$	19,105
Provision for credit losses		1,130			2,968			2,850			11,591			11,865
Pre-provision net revenue	$	7,115		$	10,447		$	11,523		$	27,644		$	30,970

	Pre-Provision Net Revenue Reconciliation
	Three Months Ended										NineMonths Ended
(Dollars in thousands, except per share data, Unaudited)	September 30, 2026				June 30, 2026			September 30, 2025			September 30, 2026				September 30, 2025
Bank	$	8,065			$	9,387		$	10,504		$	27,966			$	28,366
Wealth		689				574			512			2,075				1,846
Mortgage		(1,639	)			486			507			(2,398	)			758
Pre-provision net revenue	$	7,115			$	10,447		$	11,523		$	27,643			$	30,970

	Allowance For Credit Losses (ACL) to Loans and Other Finance Receivables, Excluding Loans at Fair Value
	September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Allowance for credit losses (GAAP)	$	20,690			$	21,463			$	21,252			$	21,573			$	21,794
Loans and other finance receivables (GAAP)		2,163,832				2,177,978				2,181,575				2,170,600				2,162,845
Less: Loans at fair value		(13,330	)			(13,619	)			(14,090	)			(14,396	)			(14,454	)
Loans and other finance receivables, excluding loans at fair value (non-GAAP)	$	2,150,502			$	2,164,359			$	2,167,485			$	2,156,204			$	2,148,391
ACL to loans and other finance receivables (GAAP)		0.96	%			0.99	%			0.97	%			0.99	%			1.01	%
ACL to loans and other finance receivables, excluding loans at fair value (non-GAAP)		0.96	%			0.99	%			0.98	%			1.00	%			1.01	%

	Non-performing Loans, Excluding the Guaranteed Portion of SBA Loans
	September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Non-performing loans (GAAP)	$	78,314			$	82,073			$	58,659			$	55,060			$	55,357
Less: Guaranteed portion of SBA loans classified as non-performing		(13,573	)			(12,906	)			(12,906	)			(13,177	)			(11,811	)
Non-performing loans, excluding guaranteed portion of SBA loans (non-GAAP)	$	64,741				69,167				45,753			$	41,883				43,546
Total loans and leases (1)	$	2,205,908				2,232,876				2,220,535			$	2,204,362				2,190,861
Non-performing loans to total loans and leases (GAAP)		3.55	%			3.68	%			2.64	%			2.50	%			2.53	%
Non-performing loans (excluding guaranteed portion of SBA loans) to total loans and leases (non-GAAP)		2.93	%			3.10	%			2.06	%			1.90	%			1.99	%

	Tangible Common Equity Ratio Reconciliation – Corporation
	September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Total stockholders’ equity (GAAP)	$	203,628			$	204,810			$	200,225			$	199,716			$	188,029
Less: Goodwill and intangible assets		(3,309	)			(3,360	)			(3,411	)			(3,462	)			(3,513	)
Tangible common equity (non-GAAP)		200,319				201,450				196,814				196,254				184,516
Total assets (GAAP)		2,571,545				2,593,176				2,576,581				2,561,995				2,541,130
Less: Goodwill and intangible assets		(3,309	)			(3,360	)			(3,411	)			(3,462	)			(3,513	)
Tangible assets (non-GAAP)	$	2,568,236			$	2,589,816			$	2,573,170			$	2,558,533			$	2,537,617
Tangible common equity to tangible assets ratio – Corporation (non-GAAP)		7.80	%			7.78	%			7.65	%			7.67	%			7.27	%

	Tangible Common Equity Ratio Reconciliation – Bank
	September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Total stockholders’ equity (GAAP)	$	250,415			$	249,468			$	244,621			$	244,064			$	236,038
Less: Goodwill and intangible assets		(3,309	)			(3,360	)			(3,411	)			(3,462	)			(3,513	)
Tangible common equity (non-GAAP)		247,106				246,108				241,210				240,602				232,525
Total assets (GAAP)		2,567,645				2,591,551				2,575,135				2,560,485				2,541,395
Less: Goodwill and intangible assets		(3,309	)			(3,360	)			(3,411	)			(3,462	)			(3,513	)
Tangible assets (non-GAAP)	$	2,564,336			$	2,588,191			$	2,571,724			$	2,557,023			$	2,537,882
Tangible common equity to tangible assets ratio – Bank (non-GAAP)		9.64	%			9.51	%			9.38	%			9.41	%			9.16	%
	Tangible Book Value Reconciliation
	September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Book value per common share	$	17.06			$	17.18			$	16.86			$	16.89			$	16.33
Less: Impact of goodwill /intangible assets		0.28				0.29				0.29				0.30				0.31
Tangible book value per common share	$	16.78			$	16.89			$	16.57			$	16.59			$	16.02