ﾒｲﾝｽﾄﾘｰﾄﾊﾞﾝｸｼｪｱｰｽﾞの適時開示・決算・その他

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): Date: January 26, 2026

MainStreet Bancshares, Inc.

(Exact name of Registrant as Specified in Its Charter)

Virginia	001-38817	81-2871064
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

10089 Fairfax Boulevard, Fairfax, VA		22030
(Address of Principal Executive Offices)		(Zip Code)

(703) 481-4567

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

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

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 (see General Instructions A.2. below):

☐	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:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	MNSB	The Nasdaq Stock Market LLC
Depositary Shares (each representing a 1/40th interest in a share of 7.50% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock	MNSBP	The Nasdaq Stock Market LLC

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 26, 2026, MainStreet Bancshares, Inc. (the “Company”) issued a press release setting forth the Company’s fourth quarter and year-ended 2025 unaudited financial results. A copy of the Company’s press release is attached hereto as Exhibit 99.1, is hereby incorporated by reference, and will be posted on the Company's website.

Item 7.01 Regulation FD Disclosure

On January 26, 2026, the Company made available an investor presentation analyzing its fourth quarter and year-ended financial results. A copy of the Company’s investor presentation is attached hereto as Exhibit 99.2, is hereby incorporated by reference, and will be posted on the Company’s website.

Due to inclement weather, the earnings webcast was pre-recorded and can be viewed using the following URL address: https://youtu.be/021fLCQUdPc.

The information furnished under Items 2.02, 7.01 and 9.01 of this Current Report on Form 8-K, including the exhibits, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and it shall not be deemed incorporated by reference in any filing under the Exchange Act, or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing to this Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
99.1		Press Release, dated January 26, 2026, with respect to the Company’s unaudited financial results for the fourth quarter and year-ended December 31, 2025
99.2		Investor Presentation dated January 26, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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.

	MAINSTREET BANCSHARES, INC

Date: January 26, 2026	By:	/s/ Richard A. Vari
		Name: Richard A. Vari
		Title: Chief Financial Officer

EX-99.1 2 ex_911320.htm EXHIBIT 99.1 ex_911320.htm

Exhibit 99.1

PRESS RELEASE		Contact: Billy Freesmeier
January 26, 2026 8:00 AM ET		Chief of Staff
		(703) 481-4579

MainStreet Bancshares Inc. Reports a Profitable 2025 and remains focused on serving the Washington, DC Metropolitan Community

Strategic Balance Sheet Management Yields a Healthy Net Interest Margin

Fairfax, VA., January 26, 2026 – MainStreet Bancshares, Inc. (Nasdaq: MNSB & MNSBP), the financial holding company for MainStreet Bank, reported a net income of $15.6 million for the year-ended December 31, 2025, resulting in earnings per common share of $1.76. The Company executed a buyback of 209,000 shares during the fourth quarter as part of its share buyback plan. The Company and Bank remain strongly capitalized.

“The team delivered quickly on our focused return to core banking,” said Jeff W. Dick, Chairman and CEO of MainStreet Bancshares, Inc. and MainStreet Bank. “We are steadfast in increasing profitability and primed to go forward.”

“The net interest margin expanded to 3.46% for 2025, a 33-basis point increase from the previous year,” said Alex Vari, Chief Financial Officer of MainStreet Bancshares, Inc. and MainStreet Bank. “We plan to preserve and grow this strong net interest margin and continue to control our expenses to enhance our future performance. We are laser-focused on building a strong balance sheet and our portfolio is well-positioned for the current and anticipated interest rate environment.”

“We continue to prove positive outcomes as we manage our asset quality and grow our loan portfolio,” said Tom Floyd, Chief Lending Officer of MainStreet Bank. “Our team increased gross loans by $54 million in the fourth quarter, and we’re encouraged by the momentum carrying into this year.”

About MainStreet Bank: MainStreet Bank is coming to Middleburg, Virginia in February 2026! Our newest branch will be located at 10 North Pendleton Street, Middleburg, Virginia 20118.

In addition, MainStreet operates six branches in Herndon, Fairfax, McLean, Leesburg, Clarendon, and Washington, D.C. MainStreet Bank has over 55,000 free ATMs and a fully integrated online and mobile banking solution. The Bank is not restricted by a conventional branching system, as it can offer business customers the ability to Put Our Bank in Your Office®. With robust and easy-to-use online business banking technology, MainStreet has "put our bank" in thousands of businesses in the metropolitan area.

MainStreet Bank has a robust line of business and professional lending products, including government contracting lines of credit, commercial lines and term loans, residential and commercial construction, and commercial real estate. MainStreet also works with the SBA to offer 7A and 504 lending solutions. From sophisticated cash management to enhanced mobile banking and instant-issue Debit cards, MainStreet Bank is always looking for ways to improve our customer's experience.

MainStreet Bank was the first community bank in the Washington, D.C., metropolitan area to offer a full online business banking solution. MainStreet Bank was also the first bank headquartered in the Commonwealth of Virginia to offer CDARS – a solution that provides multi-million-dollar FDIC insurance. Further information on the Bank can be obtained by visiting its website at mstreetbank.com.

This release contains forward-looking statements, including our expectations with respect to future events that are subject to various risks and uncertainties. The statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursuant,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements. Factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations include: fluctuation in market rates of interest and loan and deposit pricing, adverse changes in the overall national economy as well as adverse economic conditions in our specific market areas, future impacts of pandemic outbreaks, maintenance and development of well-established and valued client relationships and referral source relationships, and acquisition or loss of key production personnel. We caution readers that the list of factors above is not exclusive. The forward-looking statements are made as of the date of this release, and we may not undertake steps to update the forward-looking statements to reflect the impact of any circumstances or events that arise after the date the forward-looking statements are made. In addition, our past results of operations are not necessarily indicative of future performance.

UNAUDITED CONSOLIDATED BALANCE SHEET INFORMATION

(In thousands)

	December 31, 2025			September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024*
ASSETS
Cash and due from banks	$	25,179		$	23,940		$	20,888		$	18,384		$	21,351
Interest-bearing deposits at other financial institutions		1,276			1,315			864			735			1,711
Federal funds sold		136,301			102,039			111,532			183,521			184,646
Total cash and cash equivalents		162,756			127,294			133,284			202,640			207,708
Investment securities available for sale (AFS), at fair value		56,454			58,338			56,138			55,935			55,747
Investment securities held to maturity (HTM), at amortized cost, net of allowance for credit losses of $0 for all periods		15,298			14,293			14,846			15,657			16,078
Restricted securities, at amortized cost		7,005			7,005			7,005			7,005			6,873
Loans, net of allowance for credit losses of $19,308, $18,831, $19,057, $19,460, and $19,450, respectively		1,841,833			1,788,243			1,767,432			1,811,789			1,810,556
Premises and equipment, net		13,530			13,212			13,344			13,020			13,287
Other real estate owned, net		1,697			—			—			—			—
Property held for sale, at fair value		2,806			3,225			3,225			—			—
Accrued interest and other receivables		14,518			13,622			15,023			9,607			11,311
Bank owned life insurance		40,752			40,433			40,117			39,809			39,507
Other assets		56,020			59,124			64,367			67,383			67,031
Total Assets	$	2,212,669		$	2,124,789		$	2,114,781		$	2,222,845		$	2,228,098
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Non-interest bearing deposits	$	378,694		$	324,717		$	330,045		$	345,319		$	324,307
Interest-bearing demand deposits		119,407			123,231			124,090			106,033			139,780
Savings and NOW deposits		121,905			125,214			116,069			124,049			64,337
Money market deposits		499,334			458,946			463,904			511,925			560,082
Time deposits		779,844			778,727			764,439			820,999			819,288
Total deposits		1,899,184			1,810,835			1,798,547			1,908,325			1,907,794
Subordinated debt, net		69,936			69,837			71,238			72,138			73,039
Other liabilities		24,958			25,754			31,526			32,764			39,274
Total Liabilities		1,994,078			1,906,426			1,901,311			2,013,227			2,020,107
Stockholders’ Equity:
Preferred stock		27,263			27,263			27,263			27,263			27,263
Common stock		29,008			29,833			29,825			29,810			29,466
Capital surplus		66,531			68,895			68,261			67,612			67,823
Retained earnings		101,557			98,793			95,585			92,305			91,150
Accumulated other comprehensive loss		(5,768	)		(6,421	)		(7,464	)		(7,372	)		(7,711	)
Total Stockholders’ Equity		218,591			218,363			213,470			209,618			207,991
Total Liabilities and Stockholders’ Equity	$	2,212,669		$	2,124,789		$	2,114,781		$	2,222,845		$	2,228,098

*Derived from audited financial statements

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) INFORMATION

(In thousands, except share and per share data)

	Year-to-Date						Three Months Ended
	December 31, 2025			December 31, 2024*			December 31, 2025		September 30, 2025		June 30, 2025			March 31, 2025		December 31, 2024
INTEREST INCOME:
Interest and fees on loans	$	124,211		$	125,177		$	29,969	$	30,688	$	32,443		$	31,111	$	31,323
Interest on investment securities
Taxable securities		1,707			1,693			421		435		431			420		431
Tax-exempt securities		1,076			1,093			276		270		267			263		262
Interest on interest-bearing deposits at other financial institutions		54			41			10		11		10			22		15
Interest on federal funds sold		4,540			6,611			1,198		1,060		1,135			1,147		3,088
Total interest income		131,588			134,615			31,874		32,464		34,286			32,963		35,119
INTEREST EXPENSE:
Interest on interest-bearing demand deposits		4,187			8,661			1,064		1,071		1,004			1,048		2,612
Interest on savings and NOW deposits		1,469			754			390		467		391			221		201
Interest on money market deposits		18,852			21,386			4,246		4,623		4,707			5,276		5,475
Interest on time deposits		34,239			37,364			8,244		8,369		8,595			9,031		10,003
Interest on federal funds purchased		93			575			—		28		—			65		—
Interest on Federal Home Loan Bank advances		—			46			—		—		—			—		—
Interest on subordinated debt		3,203			3,255			788		804		799			812		787
Total interest expense		62,043			72,041			14,732		15,362		15,496			16,453		19,078
Net interest income		69,545			62,574			17,142		17,102		18,790			16,510		16,041
Provision for credit losses		(70	)		6,763			328		144		(543	)		—		3,407
Net interest income after provision for credit losses		69,615			55,811			16,814		16,958		19,333			16,510		12,634
NON-INTEREST INCOME:
Deposit account service charges		2,184			1,996			559		557		538			530		481
Bank owned life insurance income		1,245			1,189			319		316		308			302		304
Gain on retirement of subordinated debt		273			—			—		145		68			60		—
Gain on equity securities		103			—			—		—		103			—		—
Net loss on securities called or matured		—			(48	)		—		—		—			—		—
Other non-interest income		222			115			22		104		49			47		22
Total non-interest income		4,027			3,252			900		1,122		1,066			939		807
NON-INTEREST EXPENSES:
Salaries and employee benefits		31,587			30,475			7,557		7,366		8,279			8,385		8,253
Furniture and equipment expenses		3,840			3,636			884		799		1,141			1,016		830
Advertising and marketing		2,051			2,199			469		571		530			481		600
Occupancy expenses		1,407			1,614			293		400		318			396		358
Outside services		3,776			3,627			688		625		1,290			1,173		1,168
Administrative expenses		996			929			238		259		270			229		243
Computer software intangible impairment		—			19,721			—		—		—			—		19,721
Other operating expenses		10,894			10,766			2,696		2,647		2,917			2,634		3,258
Total non-interest expenses		54,551			72,967			12,825		12,667		14,745			14,314		34,431
Income (loss) before income tax expense (benefit)		19,091			(13,904	)		4,889		5,413		5,654			3,135		(20,990	)
Income tax expense (benefit)		3,478			(3,924	)		836		896		1,064			682		(4,823	)
Net income (loss)		15,613			(9,980	)		4,053		4,517		4,590			2,453		(16,167	)
Preferred stock dividends		2,156			2,156			539		539		539			539		539
Net income (loss) available to common shareholders	$	13,457		$	(12,136	)	$	3,514	$	3,978	$	4,051		$	1,914	$	(16,706	)
Earnings (loss) per common share, basic and diluted	$	1.76		$	(1.60	)	$	0.46	$	0.52	$	0.53		$	0.25	$	(2.20	)
Weighted average number of common shares, basic and diluted		7,652,504			7,606,391			7,564,723		7,704,639		7,704,677			7,636,191		7,603,318

*Derived from audited financial statements

UNAUDITED LOAN, DEPOSIT AND BORROWING DETAIL

(In thousands)

	December 31, 2025						September 30, 2025						December 31, 2024						Percentage Change
	$ Amount			% of Total			$ Amount			% of Total			$ Amount			% of Total			Last 3 Mos			Last 12 Mos
LOANS:
Construction and land development loans	$	300,666			16.1	%	$	312,318			17.2	%	$	391,253			21.3	%		-3.7	%		-23.2	%
Residential real estate loans		441,578			23.7	%		411,592			22.7	%		438,745			23.9	%		7.3	%		0.6	%
Commercial real estate loans		1,014,933			54.4	%		981,091			54.2	%		898,204			48.9	%		3.4	%		13.0	%
Commercial and industrial loans		106,990			5.7	%		105,217			5.8	%		105,212			5.7	%		1.7	%		1.7	%
Consumer loans		1,148			0.1	%		1,204			0.1	%		1,574			0.2	%		-4.7	%		-27.1	%
Total Gross Loans	$	1,865,315			100.0	%	$	1,811,422			100.0	%	$	1,834,988			100.0	%		3.0	%		1.7	%
Less: Allowance for credit losses		(19,308	)					(18,831	)					(19,450	)
Net deferred loan fees		(4,174	)					(4,348	)					(4,982	)
Net Loans	$	1,841,833					$	1,788,243					$	1,810,556
DEPOSITS:
Non-interest bearing deposits	$	378,694			20.0	%	$	324,717			17.9	%	$	324,307			17.0	%		16.6	%		16.8	%
Interest-bearing deposits:
Demand deposits		119,407			6.3	%		123,231			6.8	%		139,780			7.3	%		-3.1	%		-14.6	%
Savings and NOW deposits		121,905			6.4	%		125,214			6.9	%		64,337			3.4	%		-2.6	%		89.5	%
Money market deposits		499,334			26.3	%		458,946			25.3	%		560,082			29.4	%		8.8	%		-10.8	%
Time deposit $250,000 or more		490,594			25.8	%		501,332			27.8	%		535,676			28.0	%		-2.1	%		-8.4	%
Time deposit less than $250,000		289,250			15.2	%		277,395			15.3	%		283,612			14.9	%		4.3	%		2.0	%
Total Deposits	$	1,899,184			100.0	%	$	1,810,835			100.0	%	$	1,907,794			100.0	%		4.9	%		-0.5	%
BORROWINGS:
Subordinated debt, net	$	69,936			100.0	%	$	69,837			100.0	%	$	73,039			100.0	%		0.1	%		-4.2	%
Total Borrowings	$	69,936			100.0	%	$	69,837			100.0	%	$	73,039			100.0	%		0.1	%		-4.2	%
Total Deposits and Borrowings	$	1,969,120					$	1,880,672					$	1,980,833						4.7	%		-0.6	%

Core customer funding sources (1)	$	1,400,678			71.1	%	$	1,289,952			68.6	%	$	1,439,657			72.7	%		8.6	%		-2.7	%
Brokered and listing service sources (2)		498,506			25.3	%		520,883			27.7	%		468,137			23.6	%		-4.3	%		6.5	%
Subordinated debt, net (3)		69,936			3.6	%		69,837			3.7	%		73,039			3.7	%		0.1	%		-4.2	%
Total Funding Sources	$	1,969,120			100.0	%	$	1,880,672			100.0	%	$	1,980,833			100.0	%		4.7	%		-0.6	%

(1)	Includes ICS, CDARS, and reciprocal deposits maintained by customers, which represent sweep accounts tied to customer operating accounts.
(2)	Consists of certificates of deposit (CD) through multiple listing services and multiple brokered deposit services, as well as ICS and CDARS one-way certificates of deposit and regional money market accounts. Excludes $145.2 million in core deposits placed in reciprocal networks for FDIC insurance coverage that will be classified as brokered deposits on the call report in pursuant to rule 12 CFR 337.6(e) as of December 31, 2025.
(3)	Subordinated debt obligation qualifies as Tier 2 capital at the holding company and Tier 1 capital at the Bank.

UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES

(In thousands)

	For the three months ended December 31, 2025							For the three months ended December 31, 2024
	Average Balance		Interest Income/ Expense (3)(4)		Average Yields/ Rate (annualized) (3)(4)			Average Balance		Interest Income/ Expense (3)(4)		Average Yields/ Rate (annualized) (3)(4)
ASSETS:
Interest-earning assets:
Loans (1)(2)	$	1,819,614	$	29,969		6.53	%	$	1,808,894	$	31,323		6.87	%
Securities:
Taxable		50,844		421		3.29	%		53,566		431		3.19	%
Tax-exempt		35,631		349		3.89	%		35,512		332		3.71	%
Interest-bearing deposits at other financial institutions		1,044		10		3.80	%		1,272		15		4.68	%
Federal funds sold		127,376		1,198		3.73	%		262,323		3,088		4.67	%
Total interest-earning assets	$	2,034,509	$	31,947		6.23	%	$	2,161,567	$	35,189		6.46	%
Other assets		123,757							129,077
Total assets	$	2,158,266						$	2,290,644
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing demand deposits	$	125,673	$	1,064		3.36	%	$	231,496	$	2,612		4.48	%
Savings and NOW deposits		121,401		390		1.27	%		64,112		201		1.24	%
Money market deposits		467,891		4,246		3.60	%		514,235		5,475		4.22	%
Time deposits		786,801		8,244		4.16	%		809,924		10,003		4.90	%
Total interest-bearing deposits	$	1,501,766	$	13,944		3.68	%	$	1,619,767	$	18,291		4.48	%
Federal funds purchased		2		—		—			2		—		—
Subordinated debt, net		69,898		788		4.47	%		73,001		787		4.28	%
Total interest-bearing liabilities	$	1,571,666	$	14,732		3.72	%	$	1,692,770	$	19,078		4.47	%
Demand deposits and other liabilities		368,502							370,332
Total liabilities	$	1,940,168						$	2,063,102
Stockholders’ Equity		218,098							227,542
Total Liabilities and Stockholders’ Equity	$	2,158,266						$	2,290,644
Interest Rate Spread						2.51	%						1.99	%
Net Interest Income			$	17,215						$	16,111
Net Interest Margin						3.36	%						2.96	%

(1)	Includes loans classified as non-accrual
(2)	Total loan interest income includes amortization of deferred loan fees, net of deferred loan costs
(3)	Income and yields for all periods presented are reported on a tax-equivalent basis using the federal statutory rate of 21%
(4)	Refer to "Unaudited Reconciliation of Certain Non-GAAP Financial Measures" for reconciliation of non-GAAP measures

UNAUDITED AVERAGE BALANCE SHEETS, INTEREST AND RATES

(In thousands)

	For the year ended December 31, 2025							For the year ended December 31, 2024
	Average Balance		Interest Income/ Expense (3)(4)		Average Yields/ Rate (annualized) (3)(4)			Average Balance		Interest Income/ Expense (3)(4)		Average Yields/ Rate (annualized) (3)(4)
ASSETS:
Interest-earning assets:
Loans (1)(2)	$	1,820,481	$	124,211	6.82		%	$	1,782,061	$	125,177	7.02		%
Securities:
Taxable		52,401		1,707	3.26		%		54,935		1,693	3.08		%
Tax-exempt		35,382		1,362	3.85		%		36,379		1,384	3.80		%
Interest-bearing deposits at other financial institutions		1,216		54	4.44		%		815		41	5.03		%
Federal funds sold		111,144		4,540	4.08		%		136,258		6,611	4.85		%
Total interest-earning assets	$	2,020,624	$	131,874	6.53		%	$	2,010,448	$	134,906	6.71		%
Other assets		120,810							126,138
Total assets	$	2,141,434						$	2,136,586
Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing demand deposits	$	117,493	$	4,187	3.56		%	$	181,109	$	8,661	4.78		%
Savings and NOW deposits		107,151		1,469	1.37		%		54,385		754	1.39		%
Money market deposit		486,945		18,852	3.87		%		464,400		21,386	4.61		%
Time deposits		785,378		34,239	4.36		%		748,938		37,364	4.99		%
Total interest-bearing deposits	$	1,496,967	$	58,747	3.92		%	$	1,448,832	$	68,165	4.70		%
Federal funds purchased		1,973		93	4.71		%		9,941		575	5.78		%
FHLB advances		—		—	—				820		46	5.61		%
Subordinated debt, net		71,223		3,203	4.50		%		72,852		3,255	4.47		%
Total interest-bearing liabilities	$	1,570,163	$	62,043	3.95		%	$	1,532,445	$	72,041	4.70		%
Demand deposits and other liabilities		358,146							379,510
Total liabilities	$	1,928,309						$	1,911,955
Stockholders’ Equity		213,114							224,631
Total Liabilities and Stockholders’ Equity	$	2,141,423						$	2,136,586
Interest Rate Spread						2.58	%						2.01	%
Net Interest Income			$	69,831						$	62,865
Net Interest Margin					3.46		%					3.13		%

(1)	Includes loans classified as non-accrual
(2)	Total loan interest income includes amortization of deferred loan fees, net of deferred loan costs
(3)	Income and yields for all periods presented are reported on a tax-equivalent basis using the federal statutory rate of 21%
(4)	Refer to "Unaudited Reconciliation of Certain Non-GAAP Financial Measures" for reconciliation of non-GAAP measures

UNAUDITED SUMMARY FINANCIAL DATA

(Dollars in thousands except per share data)

	At or For the Three Months Ended						At or For the Year Ended
	December 31,						December 31,
	2025			2024			2025			2024
Per share Data and Shares Outstanding
Earnings (loss) per common share (basic and diluted)	$	0.46		$	(2.20	)	$	1.76		$	(1.60	)
Book value per common share	$	25.52		$	23.77		$	25.52		$	23.77
Tangible book value per common share (2)	$	25.52		$	23.77		$	25.52		$	23.77
Weighted average common shares (basic and diluted)		7,564,723			7,603,318			7,652,504			7,606,391
Common shares outstanding at end of period		7,496,571			7,603,765			7,496,571			7,603,765
Performance Ratios
Return on average assets (annualized)		0.75	%		(2.80	)%		0.73	%		(0.47	)%
Return on average equity (annualized)		7.37	%		(28.19	)%		7.33	%		(4.44	)%
Return on average common equity (annualized)		7.31	%		(29.13	)%		7.24	%		(6.15	)%
Yield on earning assets (FTE) (2) (annualized)		6.23	%		6.46	%		6.53	%		6.71	%
Cost of interest-bearing liabilities (annualized)		3.72	%		4.47	%		3.95	%		4.70	%
Net interest spread (FTE) (2) (annualized)		2.51	%		1.99	%		2.58	%		2.01	%
Net interest margin (FTE) (2) (annualized)		3.36	%		2.96	%		3.46	%		3.13	%
Non-interest income as a percentage of average assets (annualized)		0.17	%		0.14	%		0.19	%		0.15	%
Non-interest expense to average assets (annualized)		2.36	%		5.96	%		2.55	%		3.42	%
Efficiency ratio (3)		71.08	%		204.36	%		74.15	%		110.85	%
Allowance for Credit Losses
Allowance for credit losses (ACL)
Beginning balance, ACL - loans	$	18,831		$	18,327		$	19,450		$	16,506
Add: recoveries		2			9			834			28
Less: charge-offs		—			(2,151	)		(858	)		(4,569	)
Add: provision for credit losses - loans		475			3,265			(118	)		7,485
Ending balance, ACL - loans	$	19,308		$	19,450		$	19,308		$	19,450

Beginning balance, reserve for unfunded commitment (RUC)	$	482		$	145		$	287		$	1,009
Provision for unfunded commitments, net		(147	)		142			48			(722	)
Ending balance, RUC	$	335		$	287		$	335		$	287
Total allowance for credit losses	$	19,643		$	19,737		$	19,643		$	19,737

Allowance for credit losses on loans to total gross loans		1.04	%		1.06	%		1.04	%		1.06	%
Allowance for credit losses on loans to non-performing loans		58.19	%		89.84	%		58.19	%		89.84	%
Net charge-offs to average gross loans (annualized)		0.00	%		0.46	%		0.00	%		0.25	%
Concentration Ratios
Commercial real estate loans to total capital (4)		354.85	%		393.79	%		354.85	%		393.79	%
Construction loans to total capital (5)		98.06	%		131.92	%		98.06	%		131.92	%
Past due and Non-performing Assets
Loans 30-89 days past due and accruing to total gross loans		0.98	%		0.00	%		0.98	%		0.00	%
Loans 90 days past due and accruing to total gross loans		0.00	%		0.00	%		0.00	%		0.00	%
Non-accrual loans to total gross loans		1.69	%		1.18	%		1.69	%		1.18	%
Other real estate owned, net	$	1,697		$	—		$	1,697		$	—
Non-performing loans	$	31,482		$	21,650		$	31,482		$	21,650
Non-performing assets to total assets		1.50	%		0.97	%		1.50	%		0.97	%
Regulatory Capital Ratios (Bank only) (1)
Total risk-based capital ratio		16.08	%		15.69	%		16.08	%		15.69	%
Tier 1 risk-based capital ratio		15.05	%		14.64	%		15.05	%		14.64	%
Leverage ratio		13.28	%		12.08	%		13.28	%		12.08	%
Common equity tier 1 ratio		15.05	%		14.64	%		15.05	%		14.64	%
Other information
Common shares closing stock price	$	20.36		$	18.10		$	20.36		$	18.10
Tangible equity / tangible assets		9.88	%		9.33	%		9.88	%		9.33	%
Average tangible equity / average tangible assets (2)		10.11	%		9.21	%		9.95	%		9.80	%
Number of full time equivalent employees		174			204			174			204
Number of full service branch offices		6			6			6			6

(1)	Regulatory capital ratios as of December 31, 2025 are preliminary
(2)	Refer to "Unaudited Reconciliation of Certain Non-GAAP Financial Measures" for reconciliation of non-GAAP measures
(3)	Efficiency ratio is calculated as non-interest expense as a percentage of net interest income and non-interest income
(4)	Commercial real estate includes only non-owner occupied, multifamily, and construction loans as a percentage of Bank capital
(5)	Construction loans as a percentage of Bank capital

Unaudited Reconciliation of Certain Non-GAAP Financial Measures

(Dollars In thousands)

	For the three months ended December 31,						For the year ended December 31,
	2025			2024			2025			2024
Net interest margin (FTE)
Net interest income (GAAP)	$	17,142		$	16,041		$	69,545		$	62,574
FTE adjustment on tax-exempt securities		73			70			286			291
Net interest income (FTE) (non-GAAP)		17,215			16,111			69,831			62,865

Average interest-earning assets		2,034,509			2,161,567			2,020,624			2,010,448
Net interest margin (GAAP)		3.34	%		2.94	%		3.44	%		3.11	%
Net interest margin (FTE) (non-GAAP)		3.36	%		2.96	%		3.46	%		3.13	%

	For the three months ended December 31,						For the year ended December 31,
	2025			2024			2025			2024
Yield on earning assets (FTE)
Total interest income (GAAP)	$	31,874		$	35,119		$	131,588		$	134,615
FTE adjustment on tax-exempt securities		73			70			286			291
Total interest income (FTE) (non-GAAP)		31,947			35,189			131,874			134,906

Average interest-earning assets		2,034,509			2,161,567			2,020,624			2,010,448
Yield on earning assets (GAAP)		6.22	%		6.45	%		6.51	%		6.70	%
Yield on earning assets (FTE) (non-GAAP)		6.23	%		6.46	%		6.53	%		6.71	%

	For the three months ended December 31,						For the year ended December 31,
	2025			2024			2025			2024
Net interest spread (FTE)
Yield on earning assets (GAAP)		6.22	%		6.45	%		6.51	%	6.70		%
Yield on earning assets (FTE) (non-GAAP)		6.23	%		6.46	%	6.53		%	6.71		%

Yield on interest-bearing liabilities (GAAP)		3.72	%		4.47	%	3.95		%	4.70		%

Net interest spread (GAAP)		2.50	%		1.98	%	2.56		%		2.00	%
Net interest spread (FTE) (non-GAAP)		2.51	%		1.99	%	2.58		%		2.01	%

	For the three months ended December 31,					For the year ended December 31,
	2025		2024			2025		2024
Average tangible stockholders' equity
Total average stockholders' equity (GAAP)	$	218,098	$	227,542		$	213,114	$	224,631
Less: average intangible assets		—		(18,327	)		—		(16,989	)
Total average tangible stockholders' equity (non-GAAP)		218,098		209,215			213,114		207,642

	For the three months ended December 31,					For the year ended December 31,
	2025		2024			2025		2024
Average tangible assets
Total average assets (GAAP)	$	2,158,266	$	2,290,644		$	2,141,434	$	2,136,586
Less: average intangible assets		—		(18,327	)		—		(16,989	)
Total average tangible assets (non-GAAP)		2,158,266		2,272,317			2,141,434		2,119,597

EX-99.2 3 ex_911321.htm EXHIBIT 99.2 Image Exhibit

Exhibit 99.2