# EDGAR Filing Document

**Accession Number:** 0000859070
**File Stem:** 0001437749-26-002202
**Filing Date:** 2026-1
**Character Count:** 37081
**Document Hash:** 13e8c201981d271e505da981f861290c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-26-002202.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001437749-26-002202

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260127

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

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST COMMUNITY BANKSHARES INC /VA/
- **CENTRAL INDEX KEY:** 0000859070
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 550694814
- **STATE OF INCORPORATION:** VA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-19297
- **FILM NUMBER:** 26566374

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 989
- **CITY:** BLUEFIELD
- **STATE:** VA
- **ZIP:** 24605
- **BUSINESS PHONE:** 3043236300

**MAIL ADDRESS:**
- **STREET 1:** 29 COLLEGE DRIVE
- **STREET 2:** P O BOX 989
- **CITY:** BLUEFIELD
- **STATE:** VA
- **ZIP:** 24605

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST COMMUNITY BANCSHARES INC /NV/
- **DATE OF NAME CHANGE:** 19971121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FCFT INC
- **DATE OF NAME CHANGE:** 19930328

?xml version='1.0' encoding='ASCII'? fcbc20251117_8k.htm

---

| |
|:---|
| **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** |
| **FORM**8-K** |
| **CURRENT REPORT**  |
| **Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934** |
| Date of Report (Date of earliest event reported): **January 27, 2026** |
| **FIRST COMMUNITY BANKSHARES, INC.** |

---

---

| | | |
|:---|:---|:---|
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |
| **Virginia** | **000-19297** | **55-0694814** |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |
| **P.O. Box 989**<br> **Bluefield**,**Virginia** |  | **24605-0989** |
| (Address of principal executive offices) |  | (Zip Code) |
| Registrant's telephone number, including area code: **(**276**)**326-9000** | Registrant's telephone number, including area code: **(**276**)**326-9000** | Registrant's telephone number, including area code: **(**276**)**326-9000** |
| 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: | 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: | 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) | ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ☐ 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) | ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ☐ 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 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ☐ 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)) | ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ☐ 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:** | **Securities registered pursuant to Section 12(b) of the Act:** | **Securities registered pursuant to Section 12(b) of the Act:** |

---

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common Stock ($1.00 par value) FCBC | NASDAQ Global Select |

---

---

| |
|:---|
| 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 ☐ |
| 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. ☐ |

---

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On January 27, 2026, First Community Bankshares, Inc. (the "Company") announced by press release its earnings for the fourth quarter of 2025. A copy of the press release is attached hereto as Exhibit 99.1.

---

| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

---

On January 27, 2026, the Company announced by press release its quarterly cash dividend to common shareholders of thirty-one cents, $0.31 per common share, payable on or about February 27, 2026, to shareholders of record on February 13, 2026.

A copy of the press release is attached hereto as Exhibit 99.1.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

---

| | |
|:---|:---|
| (d) | The following exhibit is included with this report: |
| Exhibit No. | Exhibit Description |
| 99.1<br> 104 | [Earnings release dated January 27, 2026.](ex_889855.htm)<br> Cover Page Interactive Data File (formatted as Inline XBRL). |

---

**Forward-Looking Statements**

This Current Report on Form 8-K contains forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the Company's Securities and Exchange Commission reports, including but not limited to the Annual Report on Form 10-K for the most recent year ended. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

------

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.

---

| | | | |
|:---|:---|:---|:---|
| | | FIRST COMMUNITY BANKSHARES, INC. | FIRST COMMUNITY BANKSHARES, INC. |
| Date: | January 27, 2026 | By: | /s/ David D. Brown |
|  |  |  | David D. Brown |
|  |  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![ex_505116img001.jpg](ex_505116img001.jpg) | ![ex_505116img001.jpg](ex_505116img001.jpg) |
| **NEWS RELEASE** | **NEWS RELEASE** |
| **FOR IMMEDIATE RELEASE:** | **FOR MORE INFORMATION, CONTACT:** |
| January 27, 2026 | David D. Brown |
|  | (276) 326-9000 |

---

**First Community Bankshares, Inc. Announces Fourth Quarter 2025 Results and Quarterly Cash Dividend**

Bluefield, Virginia – First Community Bankshares, Inc. (NASDAQ: FCBC) (<u>www.firstcommunitybank.com</u>) (the "Company") today reported its unaudited results of operations and other financial information for the quarter ended December 31, 2025. The Company reported net income of $12.46 million, or $0.68 per diluted common share, for the quarter ended December 31, 2025. Net income for the twelve months ended December 31, 2025, was $48.79 million or $2.65 per diluted common share.

The Company also declared a quarterly cash dividend to common shareholders of thirty-one cents, $0.31, per common share. The quarterly dividend is payable to common shareholders of record on February 13, 2026, and is expected to be paid on February 27, 2026. 2025 marks the 40th consecutive year of regular dividends to common shareholders and 2025 represented the 16th consecutive year of regular dividend increases. In addition, the Board of Directors declared two special cash dividends during 2025; a $2.07 per common share dividend paid in the first quarter and a $1.00 per common share dividend declared in the fourth quarter.

The Company's capital management philosophy emphasizes maintaining a strong capital base to support growth and effectively serve customers. Consistent with this philosophy, the Company intends to return excess capital to shareholders through regular cash dividends and share repurchases after funding growth in core operations and other strategic uses. To the extent that current earnings exceed these capital needs, the Company may declare special dividends; as it did in 2025.

On January 23, 2026, the Company completed the acquisition of Middlebourne, West Virginia-based, Hometown Bancshares, Inc. and its wholly owned subsidiary, Union Bank, Inc. At the end of 2025, Hometown had total assets of approximately $415 million, loans of $172 million, and deposits of $376 million.

**Fourth Quarter 2025 Highlights**

**Income Statement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Net income of $12.46 million for the fourth quarter of 2025, was a decrease of $575 thousand, or 4.41%, from the same quarter of 2024. Net income of $48.79 million for the year of 2025, was a decrease of $2.81 million, or 5.45%, from the same period of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o When adjusted for merger and non-recurring expenses, net income of $14.16 million was an increase of $1.12 million, or 8.56%, from the fourth quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Net interest margin for the fourth quarter of 2025 ended strong at 4.53% and was an increase of 17 basis points, over the same quarter of 2024. For the same time period, the net interest rate spread increased 26 basis points to 4.20%, resulting in an increase of net interest income, on a tax-equivalent basis, of $1.03 million, or 3.26%. The increase is primarily driven by consistent asset yields and a lower cost of interest-bearing liabilities. Compared to 2024, the average cost of total interest-bearing liabilities declined 25 basis points, or 22.12%, due to a reduction in interest costs of $1.18 million, or 23.16%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Net interest income after provision for loan losses increased $2.07 million, or 6.86%, compared to the same quarter of 2024. The provision for credit losses for the fourth quarter of 2025 was $36 thousand, a significant decrease from $1.08 million a year ago. The decrease was a function of a smaller loan portfolio and continued strong credit performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Noninterest income increased approximately $1.09 million, or 10.57%, when compared to the same quarter of 2024 . The increase is attributable primarily to an increase in services charges on deposits of $679 thousand, or 18.79%, and other service charges and fees of $471 thousand, or 13.16%. Noninterest expense increased $3.52 million, or 14.59%, when compared to the same period of 2024. The increase is attributable to increases in salaries and benefits of $897 thousand, or 6.64%, merger expense of $2.12 million, and other operating expense of $657 thousand, or 21.54%. The merger expense is related to the recent acquisition of Hometown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Annualized return on average assets ("ROA") was 1.53% for the fourth quarter of 2025 compared to 1.60% for the same period of 2024 . ROA for the twelve months ended December 31, 2025 , was 1.52% compared to 1.60% for the same period of 2024 . Annualized return on average common equity ("ROE") was 9.63% for the fourth quarter of 2025 compared to 9.89% for the same period of 2024 . ROE was 9.64% for the twelve months ended December 31, 2025 , compared to 10.03% for the same period of 2024 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o When adjusted for merger and non-recurring expenses, ROA was 1.74% for the fourth quarter of 2025 and 1.59% for the full year. ROE totaled 10.94% for the fourth quarter and 10.09% for the twelve months ended 2025. Return on average tangible common equity continues to remain strong at 13.80% for the fourth quarter of 2025 and 13.92% for the full year.

------

**Balance Sheet and Asset Quality**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Consolidated assets totaled $3.26 billion on December 31, 2025 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Consolidated loan balances decreased $101.33 million, or 4.19%, and securities available for sale decreased $37.16 million, or 21.88%, from December 31, 2024 . Deposits decreased $5.92 million, or 0.22%, which was due primarily to a decrease in declining higher-rate time deposits. Stockholder equity decreased $25.84 million, or 4.91%, primarily due to two special cash dividends, in the total amount of $3.07 per common share, being declared in 2025. The net effect of these balance sheet changes resulted in an increase in cash and cash equivalents of $134.77 million, or 35.71%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Company's average loan-to-deposits ratio of 88.81%, on December 31, 2025, continues to represent a stable utilization of deposit funding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Company did not repurchase any common shares during the fourth quarter of either 2025 or 2024. For the full year, the Company repurchased 50,338 shares in 2025 at a cost of $1.85 million, compared with 257,294 shares repurchased in 2024 at a cost of $8.72 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Total non-performing assets as of December 31, 2025, were $14.15 million, compared with $20.54 million as of December 31, 2024. The Company has realized a declining trend in non-performing assets since December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Non-performing loans to total loans decreased to 0.61%; a 0.22% reduction when compared with the same quarter of 2024. The Company experienced net charge-offs for the fourth quarter of 2025 of $836 thousand, or 0.14% of annualized average loans, compared to net charge-offs of $1.48 million, or 0.24% , of annualized average loans for the same period in 2024 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The allowance for credit losses to total loans was 1.33% on December 31, 2025 , compared to 1.44% on December 31, 2024 .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Book value per share on December 31, 2025 , was $27.30 , a decrease of $1.43 from year-end 2024 . The decrease is primarily attributable to two special dividends being declared in 2025, in the total amount of $3.07 per common share.

**Non-GAAP Financial Measures**

In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this news release include "tangible book value per common share," "return on average tangible common equity," "adjusted earnings," "adjusted diluted earnings per share," "adjusted return on average assets," "adjusted return on average common equity," "adjusted return on average tangible common equity," and certain financial measures presented on a fully taxable equivalent ("FTE") basis. FTE basis is calculated using the federal statutory income tax rate of 21%. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to that comparable GAAP financial measure can be found in the attached tables to this press release. While the Company believes certain non-GAAP financial measures enhance the understanding of its business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.

**About First Community Bankshares, Inc.**

First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 52 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of December 31, 2025. First Community Bank offers wealth management and investment advice and services through its Trust Division and through its wholly owned subsidiary, First Community Wealth Management, which collectively managed and administered $1.79 billion in combined assets as of December 31, 2025. The Company reported consolidated assets of $3.26 billion as of December 31, 2025. The Company's common stock is listed on the NASDAQ Global Select Market under the trading symbol, "FCBC". Additional investor information is available on the Company's website at www.firstcommunitybank.com.

*This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; changes in banking laws and regulations; the degree of competition by traditional and non-traditional competitors; the impact of natural disasters, extreme weather events, military conflict , terrorism or other geopolitical events; and other risks detailed from time to time in the Company*'*s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made*.

------

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** | **December 31,** | **December 31,** |
| *(Amounts in thousands, except share and per share data)* | **2025** | **2025** | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Interest income** |  |  |  |  |  |  |  |
| Interest and fees on loans | $31232 | $30805 | $30637 | $30669 | $31637 | $123343 | $129871 |
| Interest on securities | 1221 | 1050 | 1029 | 1238 | 1447 | 4538 | 5426 |
| Interest on deposits in banks | 3826 | 3844 | 3722 | 3262 | 3348 | 14654 | 10845 |
| Total interest income | 36279 | 35699 | 35388 | 35169 | 36432 | 142535 | 146142 |
| **Interest expense** |  |  |  |  |  |  |  |
| Interest on deposits | 3918 | 4402 | 4731 | 4871 | 5098 | 17922 | 19638 |
| Interest on borrowings |  |  |  |  | 1 |  | 36 |
| Total interest expense | 3918 | 4402 | 4731 | 4871 | 5099 | 17922 | 19674 |
| **Net interest income** | 32361 | 31297 | 30657 | 30298 | 31333 | 124613 | 126468 |
| Provision for credit losses | 36 |  | (285) | 321 | 1082 | 72 | 3597 |
| **Net interest income after provision** | 32325 | 31297 | 30942 | 29977 | 30251 | 124541 | 122871 |
| Noninterest income | 11429 | 10889 | 10340 | 10229 | 10337 | 42887 | 39390 |
| Noninterest expense | 27624 | 26279 | 25455 | 24944 | 24107 | 104303 | 96567 |
| Income before income taxes | 16130 | 15907 | 15827 | 15262 | 16481 | 63125 | 65694 |
| Income tax expense | 3665 | 3641 | 3581 | 3444 | 3441 | 14331 | 14090 |
| **Net income** | $12465 | $12266 | $12246 | $11818 | $13040 | $48794 | $51604 |
| Earnings per common share |  |  |  |  |  |  |  |
| Basic | $0.68 | $0.67 | $0.67 | $0.64 | $0.71 | $2.66 | $2.81 |
| Diluted | $0.68 | $0.67 | $0.67 | $0.64 | $0.71 | $2.65 | $2.80 |
| Cash dividends per common share |  |  |  |  |  |  |  |
| Regular | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | 1.24 | 1.20 |
| Special cash dividend | 1.00 |  |  | 2.07 |  | 3.07 |  |
| Weighted average shares outstanding |  |  |  |  |  |  |  |
| Basic | 18315268 | 18314865 | 18295465 | 18324760 | 18299612 | 18312570 | 18349498 |
| Diluted | 18390550 | 18400289 | 18400793 | 18451321 | 18418441 | 18410451 | 18430206 |
| Performance ratios |  |  |  |  |  |  |  |
| Return on average assets | 1.53% | 1.53% | 1.53% | 1.49% | 1.60% | 1.52% | 1.60% |
| Return on average common equity | 9.63% | 9.58% | 9.84% | 9.49% | 9.89% | 9.64% | 10.03% |
| Return on average tangible common equity(1) | 13.80% | 13.82% | 14.32% | 13.79% | 14.12% | 13.92% | 14.48% |

---

------

(1) A non-GAAP financial measure defined as net income divided by average stockholders' equity less average goodwill and other intangible assets.

**CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE (Unaudited)**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** | **December 31,** | **December 31,** |
| *(Amounts in thousands)* | **2025** | **2025** | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Noninterest income** |  |  |  |  |  |  |  |
| Wealth management | $1181 | $1371 | $1222 | $1162 | $1251 | $4936 | $4485 |
| Service charges on deposits | 4292 | 4520 | 4120 | 3836 | 3613 | 16768 | 14012 |
| Other service charges and fees | 4046 | 3847 | 3791 | 3340 | 3575 | 15024 | 14392 |
| Other operating income | 1911 | 1151 | 1207 | 1891 | 1898 | 6159 | 6501 |
| Total noninterest income | $11429 | $10889 | $10340 | $10229 | $10337 | $42887 | $39390 |
| **Noninterest expense** |  |  |  |  |  |  |  |
| Salaries and employee benefits | $14398 | $14351 | $14349 | $13335 | $13501 | $56433 | $51702 |
| Occupancy expense | 1306 | 1508 | 1290 | 1576 | 1329 | 5680 | 5286 |
| Furniture and equipment expense | 1484 | 1502 | 1587 | 1575 | 1562 | 6148 | 6368 |
| Service fees | 2648 | 2728 | 2475 | 2484 | 2305 | 10335 | 9642 |
| Advertising and public relations | 923 | 939 | 1154 | 1055 | 1165 | 4071 | 3861 |
| Professional fees | 240 | 293 | 360 | 372 | 295 | 1265 | 1218 |
| Amortization of intangibles | 433 | 433 | 526 | 524 | 535 | 1916 | 2131 |
| FDIC premiums and assessments | 360 | 362 | 361 | 362 | 365 | 1445 | 1463 |
| Merger expense | 2125 | 787 |  |  |  | 2912 |  |
| Litigation expense |  |  |  |  |  |  | 1800 |
| Other operating expense | 3707 | 3376 | 3353 | 3661 | 3050 | 14098 | 13096 |
| Total noninterest expense | $27624 | $26279 | $25455 | $24944 | $24107 | $104303 | $96567 |

---

------

**RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** | **December 31,** | **December 31,** |
| *(Amounts in thousands, except per share data)* | **2025** | **2025** | **2025** | **2025** | **2024** | **2025** | **2024** |
| **Adjusted Net Income for diluted earnings per share** | $12465 | $12266 | $12246 | $11818 | $13040 | $48794 | $51604 |
| Non-GAAP adjustments: |  |  |  |  |  |  |  |
| Merger expense | 2125 | 787 |  |  |  | 2912 |  |
| Litigation expense |  |  |  |  |  |  | 1800 |
| Other items(1) |  |  |  |  |  |  | (825) |
| Total adjustments | 2125 | 787 |  |  |  | 2912 | 975 |
| Tax effect | 434 | 152 |  |  |  | 587 | 234 |
| **Adjusted earnings, non-GAAP** | $14156 | $12901 | $12246 | $11818 | $13040 | $51119 | $52345 |
| Adjusted diluted earnings per common share, non-GAAP | $0.77 | $0.70 | $0.67 | $0.64 | $0.71 | $2.78 | $2.84 |
| Performance ratios, non-GAAP |  |  |  |  |  |  |  |
| Adjusted return on average assets | 1.74% | 1.60% | 1.53% | 1.49% | 1.60% | 1.59% | 1.62% |
| Adjusted return on average common equity | 10.94% | 10.08% | 9.84% | 9.49% | 9.89% | 10.09% | 10.18% |
| Adjusted return on average tangible common equity (2) | 15.67% | 14.53% | 14.32% | 13.79% | 14.12% | 14.59% | 14.69% |

---

------

(1) Includes other non-recurring income and expense items.

(2) A non-GAAP financial measure defined as adjusted earnings divided by average stockholders' equity less average goodwill and other intangible assets.

------

**AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Average** |  | **Average Yield/** | **Average** |  | **Average Yield/** |
| *(Amounts in thousands)* | **Balance** | **Interest(1)** | **Rate(1)** | **Balance** | **Interest(1)** | **Rate(1)** |
| **Assets** |  |  |  |  |  |  |
| Earning assets |  |  |  |  |  |  |
| Loans(2)(3) | $2316150 | $31323 | 5.37% | $2421668 | $31717 | 5.21% |
| Securities available for sale | 149295 | 1236 | 3.29% | 167357 | 1474 | 3.50% |
| Interest-bearing deposits | 380795 | 3828 | 3.99% | 277678 | 3351 | 4.80% |
| Total earning assets | 2846240 | 36387 | 5.07% | 2866703 | 36542 | 5.07% |
| Other assets | 382809 |  |  | 379566 |  |  |
| Total assets | $3229049 |  |  | $3246269 |  |  |
| **Liabilities and stockholders' equity** |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |
| Demand deposits | $669397 | $159 | 0.09% | $663033 | $226 | 0.14% |
| Savings deposits | 902447 | 2892 | 1.27% | 886886 | 3476 | 1.56% |
| Time deposits | 202292 | 867 | 1.70% | 242899 | 1396 | 2.29% |
| Total interest-bearing deposits | 1774136 | 3918 | 0.88% | 1792818 | 5098 | 1.13% |
| Borrowings |  |  |  |  |  |  |
| Federal funds purchased |  |  |  |  |  |  |
| Retail repurchase agreements | 1291 |  | 0.05% | 995 | 1 | 0.05% |
| Total borrowings | 1291 |  | 0.05% | 995 | 1 | 0.05% |
| Total interest-bearing liabilities | 1775427 | 3918 | 0.88% | 1793813 | 5099 | 1.13% |
| Noninterest-bearing demand deposits | 884023 |  |  | 881767 |  |  |
| Other liabilities | 56018 |  |  | 46142 |  |  |
| Total liabilities | 2715468 |  |  | 2721722 |  |  |
| Stockholders' equity | 513581 |  |  | 524547 |  |  |
| Total liabilities and stockholders' equity | $3229049 |  |  | $3246269 |  |  |
| Net interest income, FTE(1) |  | $32469 |  |  | $31443 |  |
| Net interest rate spread |  |  | 4.20% |  |  | 3.94% |
| Net interest margin, FTE(1) |  |  | 4.53% |  |  | 4.36% |

---

------

(1) Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.

(2) Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.

(3) Interest on loans includes non-cash and accelerated purchase accounting accretion of $694 thousand and $863 thousand for the three months ended December 31, 2025 and 2024 , respectively.

------

**AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **Average** |  | **Average Yield/** | **Average** |  | **Average Yield/** |
| *(Amounts in thousands)* | **Balance** | **Interest(1)** | **Rate(1)** | **Balance** | **Interest(1)** | **Rate(1)** |
| **Assets** |  |  |  |  |  |  |
| Earning assets |  |  |  |  |  |  |
| Loans(2)(3) | $2353548 | $123708 | 5.26% | $2481215 | $130196 | 5.25% |
| Securities available for sale | 139276 | 4620 | 3.32% | 171081 | 5547 | 3.24% |
| Interest-bearing deposits | 338783 | 14656 | 4.33% | 206629 | 10850 | 5.25% |
| Total earning assets | 2831607 | 142984 | 5.05% | 2858925 | 146593 | 5.13% |
| Other assets | 377954 |  |  | 374398 |  |  |
| Total assets | $3209561 |  |  | $3233323 |  |  |
| **Liabilities and stockholders' equity** |  |  |  |  |  |  |
| Interest-bearing deposits |  |  |  |  |  |  |
| Demand deposits | $660810 | $713 | 0.11% | $662584 | $796 | 0.12% |
| Savings deposits | 896166 | 12748 | 1.42% | 878584 | 14206 | 1.62% |
| Time deposits | 220540 | 4460 | 2.02% | 246035 | 4636 | 1.88% |
| Total interest-bearing deposits | 1777516 | 17921 | 1.01% | 1787203 | 19638 | 1.10% |
| Borrowings |  |  |  |  |  |  |
| Federal funds purchased |  |  | 0.00% | 628 | 35 | 5.53% |
| Retail repurchase agreements | 1204 | 1 | 0.06% | 1045 | 1 | 0.05% |
| Total borrowings | 1204 | 1 | 0.06% | 1673 | 36 | 2.15% |
| Total interest-bearing liabilities | 1778720 | 17922 | 1.01% | 1788876 | 19674 | 1.10% |
| Noninterest-bearing demand deposits | 872516 |  |  | 882700 |  |  |
| Other liabilities | 51928 |  |  | 47362 |  |  |
| Total liabilities | 2703164 |  |  | 2718938 |  |  |
| Stockholders' equity | 506397 |  |  | 514385 |  |  |
| Total liabilities and stockholders' equity | $3209561 |  |  | $3233323 |  |  |
| Net interest income, FTE(1) |  | $125062 |  |  | $126919 |  |
| Net interest rate spread |  |  | 4.04% |  |  | 4.03% |
| Net interest margin, FTE(1) |  |  | 4.42% |  |  | 4.44% |

---

------

(1) Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.

(2) Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.

(3) Interest on loans includes non-cash and accelerated purchase accounting accretion of $2.08 million and $2.90 million for the twelve months ended December 31, 2025 and 2024 , respectively.

------

**CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| *(Amounts in thousands, except per share data)* | **2025** | **2025** | **2025** | **2025** | **2024** |
| **Assets** |  |  |  |  |  |
| Cash and cash equivalents | $512240 | $427705 | $395057 | $414682 | $377454 |
| Debt securities available for sale, at fair value | 132688 | 131314 | 132535 | 129659 | 169849 |
| Loans held for investment, net of unearned income | 2314755 | 2331305 | 2353277 | 2382699 | 2416089 |
| Allowance for credit losses | (30761) | (31597) | (33020) | (33784) | (34825) |
| Loans held for investment, net | 2283994 | 2299708 | 2320257 | 2348915 | 2381264 |
| Premises and equipment, net | 47560 | 47522 | 48023 | 48780 | 48735 |
| Other real estate owned |  | 264 | 455 | 298 | 521 |
| Interest receivable | 8720 | 9121 | 8787 | 9306 | 9207 |
| Goodwill | 143946 | 143946 | 143946 | 143946 | 143946 |
| Other intangible assets | 11098 | 11531 | 11964 | 12490 | 13014 |
| Other assets | 119397 | 118502 | 119990 | 117697 | 117226 |
| Total assets | $3259643 | $3189613 | $3181014 | $3225773 | $3261216 |
| **Liabilities** |  |  |  |  |  |
| Deposits |  |  |  |  |  |
| Noninterest-bearing | $896255 | $865554 | $873677 | $893794 | $883499 |
| Interest-bearing | 1789074 | 1765039 | 1761687 | 1790683 | 1807748 |
| Total deposits | 2685329 | 2630593 | 2635364 | 2684477 | 2691247 |
| Securities sold under agreements to repurchase | 1214 | 1429 | 1016 | 908 | 906 |
| Interest, taxes, and other liabilities | 72553 | 46866 | 41805 | 43971 | 42671 |
| Total liabilities | 2759096 | 2678888 | 2678185 | 2729356 | 2734824 |
| **Stockholders' equity** |  |  |  |  |  |
| Common stock | 18335 | 18315 | 18311 | 18327 | 18322 |
| Additional paid-in capital | 170358 | 169569 | 169358 | 169867 | 169752 |
| Retained earnings | 319368 | 330895 | 324307 | 317728 | 349489 |
| Accumulated other comprehensive loss | (7514) | (8054) | (9147) | (9505) | (11171) |
| Total stockholders' equity | 500547 | 510725 | 502829 | 496417 | 526392 |
| Total liabilities and stockholders' equity | $3259643 | $3189613 | $3181014 | $3225773 | $3261216 |
| Shares outstanding at period-end | 18334787 | 18314905 | 18311232 | 18326657 | 18321795 |
| Book value per common share | $27.30 | $27.89 | $27.46 | $27.09 | $28.73 |
| Tangible book value per common share(1) | 18.84 | 19.40 | 18.95 | 18.55 | 20.16 |

---

------

(1) A non-GAAP financial measure defined as stockholders' equity less goodwill and other intangible assets, divided by shares outstanding.

------

**SELECTED CREDIT QUALITY INFORMATION (Unaudited)**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31,** | **September 30,** | **June 30,** | **March 31,** | **December 31,** |
| *(Amounts in thousands)* | **2025** | **2025** | **2025** | **2025** | **2024** |
| **Allowance for Credit Losses** |  |  |  |  |  |
| Balance at beginning of period: |  |  |  |  |  |
| Allowance for credit losses - loans | $31597 | $33020 | $33784 | $34825 | $35118 |
| Allowance for credit losses - loan commitments | 319 | 319 | 312 | 341 | 441 |
| Total allowance for credit losses beginning of period | 31916 | 33339 | 34096 | 35166 | 35559 |
| Provision for credit losses: |  |  |  |  |  |
| (Recovery of) provision for credit losses - loans |  |  | (292) | 350 | 1182 |
| Provision (recovery of) for credit losses - loan commitments | 36 |  | 7 | (29) | (100) |
| Total provision for credit losses - loans and loan commitments | 36 |  | (285) | 321 | 1082 |
| Charge-offs | (1527) | (2015) | (1509) | (1998) | (2005) |
| Recoveries | 691 | 592 | 1037 | 607 | 530 |
| Net charge-offs | (836) | (1423) | (472) | (1391) | (1475) |
| Balance at end of period: |  |  |  |  |  |
| Allowance for credit losses - loans | 30761 | 31597 | 33020 | 33784 | 34825 |
| Allowance for credit losses - loan commitments | 355 | 319 | 319 | 312 | 341 |
| Ending balance | $31116 | $31916 | $33339 | $34096 | $35166 |
| **Nonperforming Assets** |  |  |  |  |  |
| Nonaccrual loans | $13941 | $16514 | $18084 | $19974 | $19869 |
| Accruing loans past due 90 days or more | 212 | 125 | 568 | 117 | 149 |
| Total nonperforming loans | 14153 | 16639 | 18652 | 20091 | 20018 |
| OREO |  | 264 | 455 | 298 | 521 |
| Total nonperforming assets | $14153 | $16903 | $19107 | $20389 | $20539 |
| **Additional Information** |  |  |  |  |  |
| Total modified loans | $2442 | $2291 | $2129 | $2124 | $2260 |
| **Asset Quality Ratios** |  |  |  |  |  |
| Nonperforming loans to total loans | 0.61% | 0.71% | 0.79% | 0.84% | 0.83% |
| Nonperforming assets to total assets | 0.43% | 0.53% | 0.60% | 0.63% | 0.63% |
| Allowance for credit losses to nonperforming loans | 217.35% | 189.90% | 177.03% | 168.15% | 173.97% |
| Allowance for credit losses to total loans | 1.33% | 1.36% | 1.40% | 1.42% | 1.44% |
| Annualized net charge-offs to average loans | 0.14% | 0.24% | 0.08% | 0.24% | 0.24% |

---