# EDGAR Filing Document

**Accession Number:** 0001302387
**File Stem:** 0001193125-26-177364
**Filing Date:** 2026-4
**Character Count:** 30629
**Document Hash:** 20f0ca0df7933c4e2e31021351cffc96
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-177364.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001193125-26-177364

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20260424

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BV Financial, Inc.
- **CENTRAL INDEX KEY:** 0001302387
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 141920944
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41764
- **FILM NUMBER:** 26894551

**BUSINESS ADDRESS:**
- **STREET 1:** 7114 NORTH POINT ROAD
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21219
- **BUSINESS PHONE:** 410-477-5000

**MAIL ADDRESS:**
- **STREET 1:** 7114 NORTH POINT ROAD
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21219

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## FORM 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** April 24, 2026<br>

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BV FINANCIAL, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| Maryland | 001-36094 | 14-1920944 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 7114 North Point Blvd. |  |  |
| Baltimore**,** Maryland |  | 21219 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 410 477-5000<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, par value $0.01 per share | BVFL | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

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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. ☐

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## Item 2.02 Results of Operations and Financial Condition.
On April 24, 2026, BV Financial, Inc. (the "Company"), the holding company for BayVanguard Bank, issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the Company's press release is attached as Exhibit 99.1 and is furnished herewith.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

Exhibit No. Description

[<u>99.1</u>](bvfl-ex99_1.htm)Press Release dated April 24, 2026

104 Cover Page Interactive Data File (embedded within Inline XBRL document)

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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 hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | BV FINANCIAL, INC. |
| Date: | April 24, 2026 | By:  | /s/ Michael J. Dee |
|  |  |  | Chief Financial Officer |

---

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## Exhibit 99.1

Exhibit 99.1

Contact:

Michael J. Dee

Chief Financial Officer

(410) 477- 5000

**BV FINANCIAL, INC. ANNOUNCES FINANCIAL RESULTS** 

Baltimore, Maryland, April 24, 2026– BV Financial, Inc. (NASDAQ: BVFL), (the "Company") the holding company for BayVanguard Bank (the "Bank"), reported net income of $1.1 million or $0.13 per diluted share for the quarter ended March 31, 2026 compared to net income of $2.1 million or $0.21 per diluted share for the quarter ended March 31, 2025.

Adjusted net income, a non-GAAP financial metric, was $3.3 million for the quarter ended March 31, 2026 compared to $2.9 million for the quarter ended March 31, 2025. For a reconciliation of net income as reported and non-GAAP adjusted net income, see the table below.

**Financial Highlights** 

• As previously disclosed in a Form 8-K file with the Securities and Exchange Commission, former Co-President & CEO David Flair resigned in January. In connection with his resignation, he received a payment of $2.2 million in the quarter ended March 31, 2026.

• The Company generated strong net interest margins and net interest spread of 4.36% and 3.68%, respectively in the quarter ended March 31, 2026 compared to 4.12% and 3.37% in the quarter ended March 31, 2025.

• Share repurchases of 102,076 shares of common stock at a weighted average price of $18.72 were executed in the quarter ended March 31, 2026.

• Return on average assets and return on average equity for the quarter ended March 31, 2026 were 0.48% and 2.38%, respectively. Return on average assets and return on average equity for the three months ended March 31, 2025 were 0.92% and 4.28%, respectively.

• Loans decreased $19.3 million, or -2.56% to $735.6 million at March 31, 2026 compared to $754.9 million at December 31, 2025.

• Deposits decreased $2.6 million, or -0.38%, to $673.5 million at March 31, 2026 from $676.1 million at December 31, 2025.

**Financial Condition**

**Total Assets.** Total assets were $910.9 million at March 31, 2025, a decrease of $1.4 million, or 0.2%, from $912.2 million at December 31, 2025. The decrease was due primarily to the decrease of $19.3 million in loans, partially offset by an increase of $18.9 million in cash and cash equivalents.

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**Cash and Cash Equivalents.** Cash and cash equivalents increased $18.9 million, or 33.9%, to $74.6 million at March 31, 2026 from $55.7 million at December 31, 2025. The increase in cash was primarily a result of the pay-downs in loans.

**Net Loans Receivable.** Loans receivable decreased $19.3 million, or 2.6%, to $735.6 million at March 31, 2026 from $754.9 million at December 31, 2025. Real estate loans decreased $11.3 million while consumer and commercial loans decreased $8.0 million.

**Securities.** Securities available for sale decreased by $336,000, or 1.0%, from December 31, 2025 as paydowns and maturities were not fully replaced with new purchases. The held-to-maturity portfolio experienced a slight decrease due to paydowns.

**Total Liabilities*.*** Total liabilities decreased $1.2 million, or 0.16%, to $727.2 million at March 31, 2026 from $728.4 million at December 31, 2025. The decrease was due primarily to the decrease in deposits offset by an increase in other liabilities.

**Deposits.** Total deposits decreased $2.6 million, or 0.38% to $673.5 million at March 31, 2026 from $676.1 million at December 31, 2025. Interest-bearing deposits decreased $3.5 million, or 0.7%, to $534.2 million at March 31, 2026 from $537.7 million at December 31, 2025. Noninterest bearing deposits increased $1.0 million, or 0.7%, to $139.3 million at March 31, 2026 from $138.4 million at December 31, 2025.

**Federal Home Loan Bank Borrowings*.*** The Company had $35 million in Federal Home Loan Bank borrowings at March 31, 2026 and December 31, 2025.

**Stockholders' Equity*.*** Stockholders' equity decreased $167,000, or 0.1%, to $183.6 million at March 31, 2026 from $183.8 million at December 31, 2025 a due to $2.0 million in stock repurchases offset by net income, and the impact of equity compensation plans.

**Asset Quality.** Non-performing loans at March 31, 2026 totaled $2.6 million, compared to $2.3 million at December 31, 2025. The Company had no foreclosed real estate at either period. At March 31, 2026, the allowance for credit losses on loans was $6.4 million, which represented 0.87% of total loans and 282.9% of non-performing loans compared to $6.4 million at December 31, 2025, which represented 0.85% of total loans and 284.72% of non-performing loans.

**Comparison of Operating Results for the Three Months Ended March 31, 2026 and 2025**

**Net Income.** Net income was $1.1 million, or $0.13 per diluted share, for the quarter ended March 31, 2026 compared to net income of $2.1 million or $0.21 per diluted share, for the quarter ended March 31, 2025. The decrease was primarily due to the previously-noted executive payout, offset by higher net interest income.

**Net Interest Income.** Net interest income was $9.1 million for the three months ended March 31, 2026 compared to $8.6 million for the three months ended March 31, 2025. The net interest margin for the three months ended March 31, 2026 was 4.36% compared to 4.12% for the three months

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ended March 31, 2025. The increase in net interest income was due primarily to the Bank's utilization of lower cost Federal Home Loan Bank borrowings to replace the $35.0 million in subordinated debt that was paid off in December 2025 and higher rates earned on the loan portfolio, offset by lower yields on other interest-earning assets.

**Provision for Credit Losses.** The Company recorded a recovery of credit losses of $11,000 for the three months ended March 31, 2026 compared to a provision of $297,000 for the three months ended March 31, 2025.

**Noninterest Income**. For the three months ended March 31, 2026, noninterest income totaled approximately $528,000 compared to $530,000 for the quarter ended March 31, 2025.

**Noninterest Expense.** For the three months ended March 31, 2026, noninterest expense totaled $7.6 million compared to $6.2 million for the three months ended March 31, 2025. Compensation and benefits expenses increased $1.3 million, or 27.8% primarily due to the executive payout noted above and regular merit salary increases somewhat offset by lower equity compensation costs of $0.5 million. Other expenses increased $141,000 or 39.6%.

**Income taxes.** For the three months ended March 31, 2026, income tax expense was $961,000 for an effective tax rate of 46.8%. In the quarter ended March 31, 2025, income tax expense was $599,000 for an effective tax rate of 22.2%. The increase in the effective tax rate is primarily attributable to the non-deductible portion of the executive transition payment.

**Forward-Looking Statements**

This press release may contain certain forward-looking statements that are based on management's current expectations regarding economic, legislative and regulatory issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, increased competitive pressures, the effects of inflation, potential recessionary conditions, general economic conditions or conditions within the securities markets, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Department of the Treasury and the Board of Governors of the Federal Reserve Board, the impact of the imposition of tariffs and any retaliatory responses, changes in the quality, size and composition of our loan and securities portfolios, changes in liquidity, including the size and composition of our deposit portfolio, including the percentage of uninsured deposits in the portfolio, changes in demand for our products and services, accounting and tax changes, deposit flows, 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, the current or anticipated impact of military conflict, terrorism or other geopolitical events, a potential government shutdown, a failure in or breach of our operational or security systems or infrastructure, including cyberattacks that could adversely affect the Company's financial condition and results of operations and the business in which the Company and the Bank are engaged and the failure to maintain current technologies, the failure to retain or attract employees.

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**BV Financial, Inc.**

BV Financial, Inc. is the parent company of BayVanguard Bank. BayVanguard Bank is headquartered in Baltimore, Maryland with twelve branches in the Baltimore metropolitan area and the eastern shore of Maryland. The Bank is a full-service community-oriented financial institution dedicated to serving the financial service needs of consumers and businesses.

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| | | |
|:---|:---|:---|
| **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** |
| **Consolidated Financial Ratios** | **Consolidated Financial Ratios** | **Consolidated Financial Ratios** |
|  | **At or For the Three Months** | **At or For the Three Months** |
|  | **Ended March 31,** | **Ended March 31,** |
|  | **<u>2026</u>** | **<u>2025</u>** |
| &nbsp;&nbsp;**Performance Ratios**<sup>(1)</sup>**:** |  |  |
| Return on average assets | 0.48% | 0.92% |
| Return on average equity | 2.38% | 4.28% |
| Interest rate spread<sup>(2)</sup> | 3.67% | 3.37% |
| Net interest margin<sup>(3)</sup> | 4.36% | 4.12% |
| Yields on earning assets | 5.79% | 5.66% |
| Cost of interest-bearing liabilities | 2.11% | 2.29% |
| Cost of deposits | 1.59% | 1.61% |
| Yield on loans | 6.11% | 5.89% |
| Non-interest expense to average assets | 3.33% | 2.70% |
| Efficiency ratio<sup>(4)</sup> | 78.82% | 67.36% |
| Average interest-earning assets to average interest-bearing liabilities | 148.43% | 148.50% |
| Average equity to average assets | 20.08% | 21.40% |
| &nbsp;&nbsp;**Credit Quality Ratios:** |  |  |
| Allowance for credit losses as a percentage of total loans | 0.87% | 1.18% |
| Allowance for credit losses as a percentage of non-performing loans | 282.88% | 183.87% |
| Net charge-offs to average outstanding loans during the year | - | - |
| Non-performing loans as a percentage of total loans | 0.36% | 0.64% |
| Non-performing loans as a percentage of total assets | 0.29% | 0.52% |
| Total non-performing assets as a percentage of total assets | 0.29% | 0.53% |
| &nbsp;&nbsp;**Per Share Data** |  |  |
| Earnings per common share, basic | $0.13 | $0.21 |
| Earnings per common share, diluted | $0.13 | $0.21 |
| Book value per common share | $20.99 | $18.70 |
| Tangible book value per common share<sup>(5)</sup> | $19.27 | $17.26 |
| Weighted average shares outstanding | 8156732 | 9900938 |
| (1) Performance ratios are annualized. |  |  |
| (2) Represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities. |  |  |
| (3) Represents net interest income as a percentage of average interest-earning assets. |  |  |
| (4) Represents non-interest expenses divided by the sum of net interest income and non-interest income. |  |  |
| (5) Represents total equity less goodwill less other intangible assets divided by common shares outstanding. See non-GAAP reconciliation table. |  |  |

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| | | |
|:---|:---|:---|
| **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
|  | **March 31, 2026** | **December 31, 2025** |
| (dollars in thousands, except share amounts) | **(unaudited)** | **derived from audited financial statements** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $6908 | $5616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits in other banks | 67669 | 50089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | **74577** | **55705** |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Investment | 406 | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities available for sale | 32890 | 33226 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities held to maturity (fair value of $5,047 and $5,102, ACL of $1 and $2) | 5691 | 5736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held for maturity | 735608 | 754921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for Credit Losses | (6399) | (6437) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Loans | 729209 | 748484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Premises and equipment, net | 12307 | 12493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Home Loan Bank of Atlanta stock, at cost | 2324 | 2324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in life insurance | 20526 | 20441 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued interest receivable | 2990 | 3149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 14420 | 14420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 606 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets, net | 7404 | 7563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 7507 | 7617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**910857** | $**912213** |
| **Liabilities and Stockholders' Equity** |  |  |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | $139318 | $138360 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing deposits | 534195 | 537734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | **673513** | **676094** |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLB borrowings | 35000 | 35000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 18707 | 17315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **727220** | **728409** |
| **Stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred stock, $0.01 par value; 1,000,000 shares authorized; none issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; 45,000,000 shares authorized in 2026 and 2025; 8,750,737 shares issued and outstanding as of March 31, 2026; 8,852,813 shares issued and outstanding as of December 31, 2025 | 87 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | 67564 | 68834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned common stock held by employee stock ownership plan | (6929) | (6978) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 124081 | 122990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1166) | (1130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | **183637** | **183804** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $**910857** | $**912213** |

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| | | |
|:---|:---|:---|
| **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** |
| **Consolidated Statements of Income** | **Consolidated Statements of Income** | **Consolidated Statements of Income** |
|  | (unaudited) | (unaudited) |
| (dollars in thousands, except per share amounts) | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **Interest Income** | **2026** | **2025** |
| Loans, including fees | $11143 | $10741 |
| Investment securities available for sale | 289 | 350 |
| Investment securities held to maturity | 45 | 47 |
| Other interest income | 605 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest income** | **12082** | **11881** |
| **Interest Expense** |  |  |
| Interest on deposits | 2652 | 2601 |
| Interest on FHLB borrowings | 319 | 171 |
| Interest on Subordinated debentures |  | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest expense** | **2971** | **3238** |
| **Net interest income** | **9111** | **8643** |
| (Recovery of) provision for credit losses | (11) | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for (recovery of) credit losses | **9122** | **8346** |
| **Noninterest Income** |  |  |
| Service fees on deposits | 109 | 103 |
| Fees from debit cards | 164 | 164 |
| Income from investment in life insurance | 86 | 87 |
| Other income | 169 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest income** | **528** | **530** |
| **Noninterest Expense** |  |  |
| Compensation and related benefits | 5780 | 4524 |
| Occupancy | 456 | 444 |
| Data processing | 399 | 397 |
| Advertising | 15 | 6 |
| Professional fees | 237 | 231 |
| Equipment | 89 | 91 |
| Foreclosed real estate and repossessed assets holding costs | (5) | 3 |
| Amortization of intangible assets | 45 | 45 |
| FDIC insurance premiums | 85 | 81 |
| Other expense | 497 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest expense** | **7598** | **6178** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income before tax** | **2052** | **2698** |
| Income tax expense | 961 | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $**1091** | $**2099** |
| **Basic earnings per share** | $0.13 | $0.21 |
| **Diluted earnings per share** | $0.13 | $0.21 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** | **BV FINANCIAL, INC.** |
| **Average Balance Sheet for the Quarters ended March 31,** | **Average Balance Sheet for the Quarters ended March 31,** | **Average Balance Sheet for the Quarters ended March 31,** | **Average Balance Sheet for the Quarters ended March 31,** | **Average Balance Sheet for the Quarters ended March 31,** | **Average Balance Sheet for the Quarters ended March 31,** | **Average Balance Sheet for the Quarters ended March 31,** |
| *(Dollars in thousands, unaudited)* | *(Dollars in thousands, unaudited)* | *(Dollars in thousands, unaudited)* | *(Dollars in thousands, unaudited)* | *(Dollars in thousands, unaudited)* | *(Dollars in thousands, unaudited)* | *(Dollars in thousands, unaudited)* |
|  | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2026** | **2026** | **2026** | 2025 | 2025 | 2025 |
| (dollars in thousands) | **Average Outstanding Balance** | **Interest** | **Average Yield/Rate** | Average Outstanding Balance | Interest | Average Yield/Rate |
|  | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) |
| **Interest-earning assets:** |  |  |  |  |  |  |
| Loans | $739885 | $11143 | 6.11% | $739666 | $10741 | 5.89% |
| Securities available-for-sale | 33538 | 289 | 3.49% | 36884 | 350 | 3.85% |
| Securities held-to-maturity | 8040 | 45 | 2.27% | 7323 | 47 | 2.60% |
| Cash, cash equivalents and other interest-earning assets | 65221 | 605 | 3.79% | 66832 | 743 | 4.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest-earning assets** | 846684 | 12082 | 5.79% | 850705 | 11881 | 5.66% |
| Noninterest-earning assets | 65375 |  |  | 65008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $912059 |  |  | $915713 |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |
| Interest-bearing demand deposits | $75739 | 167 | 0.89% | $80149 | 171 | 0.87% |
| Savings deposits | 115833 | 147 | 0.51% | 122458 | 99 | 0.33% |
| Money market deposits | 124717 | 684 | 2.22% | 124962 | 764 | 2.48% |
| Certificates of deposit | 219142 | 1654 | 3.06% | 195379 | 1567 | 3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total interest-bearing deposits** | 535431 | 2652 | 2.01% | 522948 | 2601 | 2.02% |
| Federal Home Loan Bank advances | 35000 | 319 | 3.70% | 15000 | 171 | 4.62% |
| Subordinated debentures |  |  |  | 34905 | 466 | 5.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total borrowings** | 35000 | 319 | 3.70% | 49905 | 637 | 5.18% |
| **Total interest-bearing<br>liabilities** | 570431 | 2971 | 2.11% | 572853 | 3238 | 2.29% |
| Noninterest-bearing demand deposits | 139808 |  |  | 131981 |  |  |
| Other noninterest-bearing liabilities | 18645 |  |  | 14941 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 728884 |  |  | 719775 |  |  |
| Equity | 183175 |  |  | 195938 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $912059 |  |  | $915713 |  |  |
| Net interest income |  | $9111 |  |  | $8643 |  |
| Net interest rate spread |  |  | 3.68% |  |  | 3.37% |
| **Net interest-earning assets** | $276253 |  |  | $277852 |  |  |
| Net interest margin |  |  | 4.36% |  |  | 4.12% |
| Average interest-earning assets to interest-bearing liabilities | 148.43% |  |  | 148.50% |  |  |

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| | | |
|:---|:---|:---|
| **ALLOWANCE FOR CREDIT LOSS - LOANS** | **ALLOWANCE FOR CREDIT LOSS - LOANS** | **ALLOWANCE FOR CREDIT LOSS - LOANS** |
| (Dollars in thousands, unaudited) | (Dollars in thousands, unaudited) | (Dollars in thousands, unaudited) |
|  | QTR | QTR |
|  | <u>3/31/2026</u> | <u>3/31/2025</u> |
| Beginning Balance | $6437 | $8522 |
| Provision for (recovery of) credit loss - loans | (56) | 351 |
| Net Charge-offs (recoveries): |  |  |
| Owner Occupied 1-4 | (1) | (3) |
| Non-Owner Occupied 1-4 | (19) | (16) |
| Investor Commercial Real Estate |  |  |
| OO Commercial Real Estate |  |  |
| Construction & Land |  | (1) |
| Farm Loans |  |  |
| Marine & Consumer | 2 | 5 |
| Guaranteed by the US Gov't |  |  |
| Commercial | <u>—</u> | <u>—</u> |
| Net charge-offs (recoveries) | (18) | (15) |
| **Ending Balance- ACL for Loans** | $<u>6399</u> | $<u>8888</u> |
| Balance Reserve for unfunded loan commitments | 140 | 299 |
| Balance Reserve for HTM Securities | <u>1</u> | <u>3</u> |
| Total ACL | $<u>6540</u> | $<u>9190</u> |
| Provision expense for Unfunded Commitments | 46 | (53) |
| Provision expense for HTM Securities | <u>(1</u><br><u>)</u> | <u>(1</u><br><u>)</u> |
| Total other provision expense | $<u>45</u> | $<u>(54</u><br><u>)</u> |
| Total (Recovery of) provision for credit losses | $<u>(11</u><br><u>)</u> | $<u>297</u> |

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| | | |
|:---|:---|:---|
| **RECONCILIATION TABLE (UNAUDITED)** | **RECONCILIATION TABLE (UNAUDITED)** | **RECONCILIATION TABLE (UNAUDITED)** |
| **NON-GAAP ADJUSTED NET INCOME** | **NON-GAAP ADJUSTED NET INCOME** | **NON-GAAP ADJUSTED NET INCOME** |
| **<u>Non-GAAP Reconciliation</u>** |  |  |
| In addition to results presented in accordance with generally accepted accounting principles utilized in the Unites States ("GAAP"), this earnings release contains a non-GAAP financial measure, Non-GAAP adjusted net income. The Company believes this non-GAAP financial measure is useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time. Non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders' equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. | In addition to results presented in accordance with generally accepted accounting principles utilized in the Unites States ("GAAP"), this earnings release contains a non-GAAP financial measure, Non-GAAP adjusted net income. The Company believes this non-GAAP financial measure is useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time. Non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders' equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. | In addition to results presented in accordance with generally accepted accounting principles utilized in the Unites States ("GAAP"), this earnings release contains a non-GAAP financial measure, Non-GAAP adjusted net income. The Company believes this non-GAAP financial measure is useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time. Non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders' equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. |
|  | Three Months ended March 31, | Three Months ended March 31, |
|  | <u>2026</u> | <u>2025</u> |
| **Net Income (GAAP)** | $1091 | $2099 |
| &nbsp;&nbsp;&nbsp;&nbsp;2024 Equity Plan Expenses | 601 | 1155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of executive transition | 2203 | **-** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax impact | <u>(576</u><br><u>)</u> | <u>(306</u><br><u>)</u> |
| Non-GAAP Adusted Net Income | $<u>3319</u> | $<u>2948</u> |
| **NON-GAAP TANGIBLE BOOK VALUE PER COMMON SHARE** | **NON-GAAP TANGIBLE BOOK VALUE PER COMMON SHARE** | **NON-GAAP TANGIBLE BOOK VALUE PER COMMON SHARE** |
| **Total Equity (GAAP)** | $183637 | $198073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less Goodwill | 14420 | 14420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less other intangible assets | <u>606</u> | <u>786</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible equity | $<u>168611</u> | $<u>182867</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares outstanding | 8750737 | 10594044 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible book value per share | $<u>19.27</u> | $<u>17.26</u> |

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