(FAIRMONT, WV) July 29, 2024 – MVB Financial Corp. (NASDAQ: MVBF) (“MVB Financial,” “MVB” or the “Company”), the holding company for MVB Bank, Inc. ("MVB Bank"), today announced financial results for the second quarter of 2024, with reported net income of $4.1 million, or $0.32 basic and $0.31 diluted earnings per share.

“There were several notable developments during the second quarter that impacted our near-term financial results, while also helping to solidify our strategy, setting the stage for future growth and improved profitability.

“First, we have extended the term of our partnership agreement with Intuit-Credit Karma, the consumer technology platform with more than 120 million members in the U.S. We have been trusted partners for five years and look forward to further strengthening our relationship to benefit our clients and communities.

“Second, as previously disclosed, MVB Bank has named Jeremy Kuiper as Executive Vice President, Fintech President. Jeremy brings 25 years of payments industry experience at the executive and board level. With Jeremy’s expertise, we look forward to expanding our Fintech banking to even greater success as a key driver of deposits and fee income for MVB Bank.

“Finally, we initiated the process of winding down MVB’s digital asset program account relationships. Changing market conditions and profitability challenges contributed to an unfavorable risk/reward dynamic, prompting our decision to exit this business. This action reduced our second quarter EPS by $0.08.

“MVB’s second quarter financial results were otherwise solid, marked by improved expense control, shareholder value creation in the form of tangible book value per share growth, improved measures of capital strength and seasonal considerations, primarily related to MVB’s banking-as-a-service operations and online gaming vertical. We are pleased with the strength of our liquidity, despite the low seasonality and exit of digital asset program account relationships.”

•Deposit trends reflect wind down of digital asset program account relationships and expected seasonal factors.

•The Company expected a decline in total deposits upon the conclusion of the NFL, college basketball and tax seasons, in addition to electing to exit digital asset program account relationships. Total deposits declined 8.3%, or $262.5 million, to $2.9 billion compared to the prior quarter-end, primarily reflecting lower noninterest bearing (“NIB”) deposits, which decreased 29.3%, or $407.3 million, to $983.8 million. Digital asset program account balances, which are noninterest bearing, declined $307.0 million to $28.1 million as compared to the prior quarter-end.

•The loan-to-deposit ratio was 76.5% as of June 30, 2024, compared to 72.1% as of March 31, 2024, and 78.1% as of June 30, 2023. The loan-to-deposit ratio at June 30, 2024 aligns with the Company’s liquidity management strategy.

•Net interest income lower on margin compression, deliberate balance sheet contraction, decline in loan balances and seasonal factors.

•Net interest income on a fully tax-equivalent basis, a non-U.S. GAAP financial measure, declined 8.6%, or $2.6 million, to $27.7 million relative to the prior quarter, reflecting net interest margin contraction and lower earning asset balances.

•Net interest margin on a fully tax-equivalent basis was 3.75%, down eight basis points from the prior quarter, primarily reflecting lower loan yields due to the migration of a $14.6 million loan to nonperforming status, lower loan balances and slightly higher funding costs. Total cost of funds was 2.54%, up two basis points compared to the prior quarter.

•Average earning asset balances declined 6.7% from the prior quarter, reflecting lower interest-bearing balances with banks and lower loan balances. The decline in cash balances primarily reflects the deliberate exiting of digital asset program account balances and, to a lesser extent, seasonal considerations related to tax and gaming deposits. Average total loan balances declined 2.0% from the prior quarter, reflecting slower market demand.

•Expenses decline as cost pressures ease.

•Noninterest expense declined 4.2% to $28.9 million relative to the prior quarter, primarily reflecting lower salaries and employee benefits costs and lower professional fees. Relative to the prior year-ago period, noninterest expense declined 4.5%.

•Noninterest income down on seasonal considerations and the exit of digital asset program relationships; mortgage banking profitable.

•Total noninterest income declined 8.8%, or $0.7 million, relative to the prior quarter, to $7.1 million, primarily reflecting lower payment card and service charge income and other operating income, which includes wire transfer fees. The declines were partially offset by equity method investment income from our mortgage segment, compared to a loss in the prior quarter, and higher compliance and consulting income. Relative to the prior year, which removes the seasonal component, total noninterest income grew 11.3%, or $0.7 million, reflecting higher payment card and service charge income, compliance and consulting income, combined with losses on divestiture activity, loan sales and the sale of equity securities that did not recur in the current quarter.

•Capital strength further enhanced; tangible book value share growth evidences continued value creation.

•The Community Bank Leverage Ratio, Tier 1 Risk-Based Capital Ratio and MVB Bank’s Total Risk-Based Capital Ratio were 10.7%, 14.6% and 15.4%, respectively, compared to 10.1%, 14.4% and 15.2%, respectively, at the prior quarter end. The tangible common equity ratio, a non-U.S. GAAP financial measure, was 8.9% as of June 30, 2024, compared to 8.1% as of March 31, 2024, and June 30, 2023.

•Book value per share and tangible book value per share, a non-U.S. GAAP measure discussed below, were $22.94 and $22.70, respectively, increases of 0.9% and 1.0% relative to the prior quarter-end and 6.4% and 6.5% from the year-ago period.

•Nonperforming loans increased $15.6 million, or 206.1%, to $23.1 million, or 1.0% of total loans, from $7.5 million, or 0.3% of total loans, at the prior quarter end, largely reflecting the addition of a multifamily commercial construction loan with an outstanding balance of $14.6 million. Criticized loans as a percentage of total loans were 5.7%, as compared to 5.8% at the prior quarter end. Net charge-offs were $0.9 million, or 0.2%, for the second quarter of 2024, compared to $1.3 million, or 0.2%, for the prior quarter.

•The provision for credit losses totaled $0.3 million, compared to $2.0 million for the prior quarter. The allowance for credit losses was 1.00% of total loans, as compared to 1.01% at the prior quarter end.

Net interest income on a tax-equivalent basis totaled $27.7 million for the second quarter of 2024, a decline of $2.6 million, or 8.6%, from the first quarter of 2024 and $2.1 million, or 7.1%, from the second quarter of 2023. The decline from both prior periods reflects net interest margin contraction and lower average earning asset balances.

Interest income declined $3.9 million, or 7.8%, from the first quarter of 2024 and $0.9 million, or 1.9%, from the second quarter of 2023. The decline in interest income relative to the prior quarter reflects a decline in interest income from loans, driven by lower loan balances and a lower tax-equivalent yield on loans due primarily to the migration of a $14.6 million loan to nonperforming status, and a decline in interest income from cash balances due to seasonal considerations and the exit of digital asset program accounts. The decline in interest income relative to the year-ago period reflects a decline in interest income from loans, driven by lower loan balances, partially offset by a higher tax-equivalent yield on loans.

Interest expense declined $1.3 million, or 6.7%, from the first quarter of 2024 and increased $1.1 million, or 6.3%, from the second quarter of 2024. The cost of funds remained stable at 2.54% for the second quarter of 2024 as compared to 2.52% for the first quarter of 2024, and was up from 2.26% for the second quarter of 2023. Relative to the year-ago period, the increase reflects the impact of higher interest rates on our deposits and a shift in the mix of average deposits.

On a tax-equivalent basis, net interest margin for the second quarter of 2024 was 3.75%, a decline of eight basis points versus the first quarter of 2024 and five basis points versus the second quarter of 2023. See the table below for a reconciliation between net interest margin and net interest margin on a fully tax-equivalent basis, a non-U.S. GAAP measure. Contraction in net interest margin from the prior quarter primarily reflects lower earning asset balances, including lower cash and loan balances, and the migration of a loan to nonperforming status. Relative to the year-ago period, the contraction in net interest margin reflects higher funding costs, which have outpaced the increase in average earning asset yields, and lower earning asset balances.

Noninterest income totaled $7.1 million for the second quarter of 2024, a decline of $0.7 million from the first quarter of 2024 and an increase of $0.7 million from the second quarter of 2023. The decline compared to the prior quarter is primarily driven by declines of $1.1 million in other operating income and $1.0 million in payment card and service charge income, partially offset by equity method investment income from our mortgage segment of $0.5 million in the current quarter, as compared to a loss of $1.1 million in the prior quarter. There was also a $0.7 million gain on sale of available-for-sale investment securities during the first quarter of 2024 without a comparable gain in the second quarter of 2024. The $0.7 million increase in noninterest income from the second quarter of 2023 was primarily driven by increases of $0.3 million in payment card and service charge income and $0.3 million in compliance consulting income. Additionally, there

were losses on the divestiture of Flexia Payments, LLC of $1.1 million and $1.0 million on sale of loans during the second quarter of 2023 without corresponding losses in the current quarter. These increases were partially offset by declines of $1.4 million in equity method investment income from our mortgage segment and $0.7 million in other operating income.

Noninterest expense totaled $28.9 million for the second quarter of 2024, a decline of $1.3 million, or 4.2%, from the first quarter of 2024 and $1.4 million, or 4.5%, from the second quarter of 2023. The decline from the first quarter of 2024 primarily reflects declines of $0.5 million in salaries and employee benefits, $0.5 million in professional fees and $0.2 million in other operating expense. The decline from the second quarter of 2023 primarily reflects declines of $1.9 million in other operating expense, $0.7 million in travel, entertainment, dues and subscriptions and $0.2 million in equipment depreciation and maintenance. These declines were partially offset by increases of $1.2 million in professional fees and $0.2 million in salaries and employee benefit expense.

Loans totaled $2.21 billion as of June 30, 2024, a decline of $60.5 million, or 2.7%, from March 31, 2024, and $105.6 million, or 4.6%, from June 30, 2023. The decline in loan balances relative to the prior quarters primarily reflects lower market demand, the impact of loan amortization and payoffs and slower loan growth based on overall market conditions and portfolio management.

Deposits totaled $2.88 billion as of June 30, 2024, a decline of $262.5 million, or 8.3%, from March 31, 2024, and $76.1 million, or 2.6%, from June 30, 2023. The decline in deposits relative to the prior quarter reflects a decline in NIB deposits, partially offset by higher CD balances of $769.8 million, representing an increase of $73.5 million, or 10.6%, driven by a $50.1 million, or 11.2%, increase in brokered CDs and a $24.1 million, or 10.1%, increase in core CDs. Relative to the year-ago period, the decline reflects the increased utilization of off-balance sheet deposit networks to generate fee income, enhance capital efficiency and manage liquidity and concentration risk.

NIB deposits totaled $983.8 million as of June 30, 2024, a decline of $407.3 million, or 29.3%, from March 31, 2024, and consistent with the balance as of June 30, 2023, representing a slight decline of $3.7 million, or 0.4%. Relative to the period ended March 31, 2024, the decline in NIB deposits reflected the exit of digital asset program accounts, utilization of off-balance sheet deposit networks and seasonal considerations. Digital asset program account balances declined $307.0 million to $28.1 million as compared to the prior quarter-end. The Company estimates that exit of digital asset program account relationships reduced current quarter earnings per share by $0.08, based on the interest income that would have been earned on the average balance of the deposits held in 2024 prior to the exit, which were held in cash, and the wire fee income during the period. NIB deposits represented 34.1% of total deposits as of June 30, 2024, compared to 44.2% of total deposits at the prior quarter-end and 33.4% for the year-ago period.

Off-balance sheet deposits totaled $1.4 billion as of June 30, 2024, a decline of $168.5 million, or 11%, compared to $1.5 billion at March 31, 2024, and up $296.2 million, or 28%, from $1.1 billion at June 30, 2023. Off-balance sheet deposit networks are utilized to generate fee income, enhance capital efficiency and manage liquidity and concentration risk.

The Community Bank Leverage Ratio was 10.7% as of June 30, 2024, compared to 10.1% as of March 31, 2024, and 10.0% as of June 30, 2023. MVB’s Tier 1 Risk-Based Capital Ratio was 14.6% as of June 30, 2024, compared to 14.4% as of March 31, 2024, and 13.8% as of June 30, 2023. The Bank’s Total Risk-Based Capital Ratio was 15.4% as of June 30, 2024, compared to 15.2% as of March 31, 2024, and 14.9% as of June 30, 2023.

The tangible common equity ratio, a non-U.S. GAAP financial measure, was 8.9% as of June 30, 2024, compared to 8.1% as of March 31, 2024, and June 30, 2023. See the reconciliation of the tangible common equity ratio to its most directly comparable U.S. GAAP financial measure later in this release.

The Company issued a quarterly cash dividend of $0.17 per share for the second quarter of 2024, consistent with the first quarter of 2024 and the second quarter of 2023.

Nonperforming loans totaled $23.1 million, or 1.0% of total loans, as of June 30, 2024, as compared to $7.5 million, or 0.3% of total loans, as of March 31, 2024, and $13.6 million, or 0.6% of total loans, as of June 30, 2023.

The increase in nonperforming loans from the prior quarters was driven by the addition of one $14.6 million commercial construction loan in the multifamily space. The Company believes the loan is properly collateralized with a loan to value of less than 70%. Criticized loans as a percentage of total loans were 5.7%, compared to 5.8% as of March 31, 2024, and 3.1% as of June 30, 2023.

Net charge-offs were $0.9 million, or 0.2% of total loans, for the second quarter of 2024, compared to $1.3 million, or 0.2% of total loans, for the first quarter of 2024 and $1.2 million, or 0.2% of total loans, for the second quarter of 2023.

The provision for credit losses totaled $0.3 million, compared to $2.0 million for the prior quarter ended March 31, 2024, and a release of allowance of $4.2 million for the quarter ended June 30, 2023. The allowance for credit losses was 1.00% of total loans at June 30, 2024, compared to 1.01% at March 31, 2024, and 1.31% at June 30, 2023.

MVB Financial, the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market® (“Nasdaq”) under the ticker “MVBF.”

MVB is a financial holding company headquartered in Fairmont, West Virginia. Through its subsidiary, MVB Bank, and MVB Bank’s subsidiaries, MVB Financial provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond.

Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services.

For more information about MVB, please visit ir.mvbbanking.com.

MVB Financial has made forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this press release that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations about the future and are subject to risks and uncertainties. Forward-looking statements include, without limitation, information concerning possible or assumed future results of operations of the Company and its subsidiaries. Forward-looking statements can be identified by the use of words such as “may,” “could,” “should,” “would,” “will,” “plans,” “believes,” “estimates,” “expects,” “anticipates,” “intends,” “continues” or the negative of those terms or similar expressions. Note that many factors could affect the future financial results of the Company and its subsidiaries, both individually and collectively, and could cause those results to differ materially from those expressed in forward-looking statements. Therefore, undue reliance should not be placed upon any forward-looking statements. Those factors include but are not limited to: market, economic, operational, liquidity and credit risk; changes in market interest rates; impacts related to or resulting from recent turmoil in the banking industry; inability to successfully execute business plans, including strategies related to investments in Fintech companies; competition; unforeseen events, such as pandemics or natural disasters, and any governmental or societal responses thereto; changes in economic, business and political conditions; changes in demand for loan products and deposit flow; changes in deposit classifications; operational risks and risk management failures; and government regulation and supervision. Additional factors that may cause actual results to differ materially from those described in the forward-looking statements can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as its other filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov.

Except as required by law, the Company disclaims any obligation to update, revise or correct any forward-looking statements.

Accounting standards require the consideration of subsequent events occurring after the balance sheet date for matters that require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of a public company’s financial statements when filed with the SEC. Accordingly, the consolidated financial information in this announcement is subject to change.

Questions or comments concerning this earnings release should be directed to:

Donald T. Robinson, President and Chief Financial Officer

(304) 598-3500

drobinson@mvbbanking.com

Amy Baker, VP, Corporate Communications and Marketing

(844) 682-2265

abaker@mvbbanking.com

This document contains supplemental financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Management uses these non-U.S. GAAP measures in its analysis of the Company’s performance. These measures should not be considered a substitute for U.S. GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with U.S. GAAP. Management believes the presentation of non-U.S. GAAP financial measures that exclude the impact of specified items provide useful supplemental information that is essential to a proper understanding of the Company’s financial condition and results. Non-U.S. GAAP measures are not formally defined under U.S. GAAP, and other entities may use calculation methods that differ from those used by us. As a complement to U.S. GAAP financial measures, our management believes these non-U.S. GAAP financial measures assist investors in comparing the financial condition and results of operations of financial institutions due to the industry prevalence of such non-U.S. GAAP measures. See the tables below for a reconciliation of these non-U.S. GAAP measures to the most directly comparable U.S. GAAP financial measures.

(Unaudited)

						Three Months Ended																		Three Months Ended																		Three Months Ended
						June 30, 2024																		March 31, 2024																		June 30, 2023
						Average Balance						Interest Income/ Expense						Yield/ Cost						Average Balance						Interest Income/ Expense						Yield/ Cost						Average Balance						Interest Income/ Expense						Yield/ Cost
Assets
Interest-bearing balances with banks						$	380,278					$	5,065					5.36		%				$	549,894					$	7,341					5.37		%				$	444,600					$	5,542					5.00		%
Investment securities:
Taxable						252,963						1,905						3.03						246,091						1,743						2.85						220,687						1,229						2.23
Tax-exempt 1						102,785						684						2.68						106,309						887						3.36						123,497						1,147						3.73
Loans and loans held-for-sale: 2
Commercial						1,597,359						30,824						7.76						1,626,286						32,152						7.95						1,635,438						30,534						7.49
Tax-exempt 1						3,261						35						4.32						3,373						37						4.41						3,822						42						4.41
Real estate						563,011						6,391						4.57						576,148						6,612						4.62						593,767						5,691						3.84
Consumer						73,531						1,374						7.52						77,300						1,452						7.55						128,113						3,096						9.69
Total loans						2,237,162						38,624						6.94						2,283,107						40,253						7.09						2,361,140						39,363						6.69
Total earning assets						2,973,188						46,278						6.26						3,185,401						50,224						6.34						3,149,924						47,281						6.02
Less: Allowance for credit losses						(22,596)																		(22,258)																		(35,143)
Cash and due from banks						4,528																		5,405																		5,756
Other assets						305,644																		335,029																		289,161
Total assets						$	3,260,764																	$	3,503,577																	$	3,409,698
Liabilities
Deposits:
NOW						$	465,587					$	4,139					3.58		%				$	555,530					$	4,929					3.57		%				$	682,277					$	4,816					2.83		%
Money market checking						400,205						3,337						3.35						408,764						3,759						3.70						615,962						2,439						1.59
Savings						112,225						944						3.38						163,611						1,640						4.03						72,289						351						1.95
IRAs						7,948						81						4.10						7,762						74						3.83						6,401						45						2.82
CDs						731,337						9,130						5.02						674,611						8,529						5.08						662,753						8,799						5.33
Repurchase agreements and federal funds sold						3,459						4						0.47						2,951						—						—						5,428						—						—
FHLB and other borrowings						—						—						—						44						1						9.14						158						—						—
Senior term loan 3						2,736						114						16.76						6,736						150						8.96						9,351						198						8.49
Subordinated debt						73,629						808						4.41						73,571						809						4.42						73,382						801						4.38
Total interest-bearing liabilities						1,797,126						18,557						4.15						1,893,580						19,891						4.22						2,128,001						17,449						3.29
Noninterest-bearing demand deposits						1,139,070																		1,279,194																		971,436
Other liabilities						36,101																		42,017																		38,842
Total liabilities						2,972,297																		3,214,791																		3,138,279
Stockholders’ equity
Common stock						13,731																		13,659																		13,533
Paid-in capital						162,518																		161,532																		158,601
Treasury stock						(16,741)																		(16,741)																		(16,741)
Retained earnings						161,709																		160,933																		148,600
Accumulated other comprehensive loss						(32,299)																		(30,559)																		(32,714)
Total stockholders’ equity attributable to parent						288,918																		288,824																		271,279
Noncontrolling interest						(451)																		(38)																		140
Total stockholders’ equity						288,467																		288,786																		271,419
Total liabilities and stockholders’ equity						$	3,260,764																	$	3,503,577																	$	3,409,698
Net interest spread (tax-equivalent)																		2.11		%																2.12		%																2.73		%
Net interest income and margin (tax-equivalent)1												$	27,721					3.75		%										$	30,333					3.83		%										$	29,832					3.80		%
Less: Tax-equivalent adjustments												$	(151)																	$	(194)																	$	(250)
Net interest spread																		2.09		%																2.10		%																2.70		%
Net interest income and margin												$	27,570					3.73		%										$	30,139					3.81		%										$	29,582					3.77		%

1In order to make pre-tax income and resultant yields on tax-exempt loans and investment securities comparable to those on taxable loans and investment securities, a tax-equivalent adjustment has been computed using a Federal tax rate of 21% for the periods presented, which is a non-U.S. GAAP financial measure. See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 19.

2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate.

3 The senior term loan was paid off in May 2024, and the unamortized debt issuance costs were recorded as interest expense upon the repayment.

						Six Months Ended																		Six Months Ended
						June 30, 2024																		June 30, 2023
						Average Balance						Interest Income/ Expense						Yield/ Cost						Average Balance						Interest Income/ Expense						Yield/ Cost
Assets
Interest-bearing balances with banks						$	465,086					$	12,406					5.36		%				$	365,291					$	8,695					4.80		%
Investment securities:
Taxable						249,527						3,648						2.94						228,587						3,077						2.71
Tax-exempt 1						104,547						1,570						3.02						130,609						2,456						3.79
Loans and loans held-for-sale: 2
Commercial						1,611,822						62,975						7.86						1,628,015						59,065						7.32
Tax-exempt 1						3,317						72						4.37						3,882						85						4.42
Real estate						569,579						13,004						4.59						607,501						11,992						3.98
Consumer						75,416						2,827						7.54						132,804						6,959						10.57
Total loans						2,260,134						78,878						7.02						2,372,202						78,101						6.64
Total earning assets						3,079,294						96,502						6.30						3,096,689						92,329						6.01
Less: Allowance for credit losses						(22,427)																		(32,653)
Cash and due from banks						4,967																		3,015
Other assets						320,338																		314,279
Total assets						$	3,382,172																	$	3,381,330
Liabilities
Deposits:
NOW						$	510,558					$	9,068					3.57		%				$	739,273					$	9,478					2.59		%
Money market checking						404,484						7,096						3.53						413,718						3,367						1.64
Savings						137,918						2,585						3.77						82,735						991						2.42
IRAs						7,856						155						3.97						6,276						72						2.31
CDs						702,974						17,657						5.05						525,213						12,695						4.87
Repurchase agreements and federal funds sold						3,205						5						0.31						6,514						—						—
FHLB and other borrowings						22						1						9.14						35,347						888						5.07
Senior term loan 3						4,736						264						11.21						9,557						392						8.27
Subordinated debt						73,600						1,617						4.42						73,350						1,600						4.40
Total interest-bearing liabilities						1,845,353						38,448						4.19						1,891,983						29,483						3.14
Noninterest-bearing demand deposits						1,209,132																		1,174,965
Other liabilities						39,059																		37,969
Total liabilities						3,093,544																		3,104,917
Stockholders’ equity
Common stock						13,695																		13,502
Paid-in capital						162,025																		156,009
Treasury stock						(16,741)																		(16,741)
Retained earnings						161,322																		157,464
Accumulated other comprehensive income loss						(31,429)																		(34,022)
Total stockholders’ equity attributable to parent						288,872																		276,212
Noncontrolling interest						(244)																		201
Total stockholders’ equity						288,628																		276,413
Total liabilities and stockholders’ equity						$	3,382,172																	$	3,381,330
Net interest spread (tax-equivalent)																		2.11		%																2.87		%
Net interest income and margin (tax-equivalent)1												$	58,054					3.79		%										$	62,846					4.09		%
Less: Tax-equivalent adjustments												$	(345)																	$	(535)
Net interest spread																		2.09		%																2.84		%
Net interest income and margin												$	57,709					3.77		%										$	62,311					4.06		%

1 In order to make pre-tax income and resultant yields on tax-exempt loans and investment securities comparable to those on taxable loans and investment securities, a tax-equivalent adjustment has been computed using a Federal tax rate of 21% for the periods presented, which is a non-U.S. GAAP financial measure. See the reconciliation of this non-U.S. GAAP financial measure to its most directly comparable GAAP financial measure included in the tables on page 19.

2 Non-accrual loans are included in total loan balances, lowering the effective yield for the portfolio in the aggregate.

3 The senior term loan was paid off in May 2024, and the unamortized debt issuance costs were recorded as interest expense upon the repayment.