Financial Performance - As of December 31, 2025, the company had total consolidated assets of $2.3 billion, net loans of $1.9 billion, deposits of $1.8 billion, and total shareholders' equity of $285.3 million[28]. - The company achieved loan growth of 9% and deposit growth of 6% from December 31, 2020, to December 31, 2025[33]. - The ratio of core deposits to total deposits was 91.6% as of December 31, 2025, with a loan to deposit ratio of 103.2%[33]. - The company completed an initial public offering (IPO) on October 3, 2025, raising approximately $29.9 million in net proceeds[31]. - The company has a top five deposit market share in seven counties and has outperformed in deposit growth in most of its markets[35]. Growth Strategy - The company plans to expand its services to North Carolina following the merger with Alliance Bank & Trust Company on July 1, 2024[29]. - The company aims to pursue growth opportunities through strategic acquisitions and de novo expansion in existing and new markets[33]. - The growth strategy includes organic growth through new hires and facilities, supplemented by select acquisitions, but the company may struggle to maintain this growth if economic conditions worsen[209]. Regulatory Environment - The Company is a Tennessee corporation registered as a bank holding company with the Federal Reserve and has elected to be a financial holding company[55]. - The Company must maintain a "satisfactory" rating under the CRA to engage in new financial activities; failure to do so could materially impact the Bank's prospects[57]. - The Federal Reserve must approve acquisitions by bank holding companies, considering financial condition and management integrity, to prevent monopolies or reduced competition[58]. - The Company is subject to the registration, disclosure, and reporting requirements of the Securities Act and the Exchange Act[60]. - The Community Reinvestment Act requires the company to meet the credit needs of the communities it serves, impacting evaluations for mergers and acquisitions[99]. - The Bank received a "satisfactory" CRA rating as of its most recent examination in October 2025[100]. Capital and Liquidity - The Bank is subject to capital adequacy requirements and must maintain reserves against deposits, affecting its ability to lend and invest[63]. - The Company’s principal source of cash flow is dividends from the Bank, which are subject to regulatory limitations[68]. - Under Tennessee law, the Bank cannot pay dividends exceeding its net income for the year plus retained net income from the prior two years without regulatory approval[70]. - The company must maintain a minimum common equity Tier 1 capital ratio of 4.5% and a total capital ratio of 8.0% to meet regulatory requirements[86][84]. - A capital conservation buffer of 2.5% is required to avoid limitations on capital distributions, raising the minimum common equity Tier 1 capital ratio to 7.0%[84]. - The company qualifies for the Small Bank Holding Company Policy Statement, exempting it from consolidated capital requirements due to its total consolidated assets being less than $3 billion[88]. Credit Risk - The company has a concentration of credit exposure to borrowers in certain industries, which may carry increased levels of credit risk[142]. - The allowance for estimated loan losses may not be adequate to cover actual loan losses, which could adversely impact the company's financial condition and results of operations[162]. - As of December 31, 2025, approximately 59% of the loan portfolio consisted of commercial real estate (CRE) loans, which are generally viewed as having higher default risks[160]. - The company has a concentration of credit exposure to certain industries, which could lead to increased credit risk and potential loan charge-offs if economic conditions worsen[154]. Economic Conditions - Adverse economic conditions in Tennessee, Kentucky, and North Carolina could negatively impact growth rates and customer repayment abilities[172]. - Inflation rose sharply at the end of 2021 and continued at elevated levels throughout 2022 and much of 2023, with expectations of persistent inflationary pressures[173]. - Changes in interest rates may adversely affect the company's earnings and financial condition, with potential unrealized losses in the investment securities portfolio due to rising rates[149]. Technology and Cybersecurity - Significant investments in technology include upgrades to online banking and mobile platforms, as well as the implementation of real-time payment options for FedNow and RTP[44][45]. - The company is heavily reliant on information technology and telecommunications systems, with potential risks from system failures or cybersecurity breaches that could adversely affect financial condition and operations[213]. - There has been a significant increase in electronic fraudulent activity and cyberattacks within the financial services industry, particularly targeting commercial banking sectors[214]. - The company spends significant capital on cybersecurity measures, and any failure to prevent breaches could lead to reputational damage and financial liabilities[216]. Regulatory Compliance - The company is subject to extensive regulation, which imposes additional costs and could adversely affect profitability[146]. - Regulatory actions from banking agencies could include increasing capital requirements, restricting growth, or even terminating deposit insurance if conditions are deemed unsatisfactory[226]. - Federal, state, and local consumer lending laws may restrict the company's ability to originate certain mortgage loans, increasing the risk of liability and costs of doing business[227]. Market Competition - The Company faces significant competition from both community and larger banks, which may impair growth and profitability[181]. - The company is less able to spread risks of unfavorable local economic conditions compared to national financial institutions[187].

Core Viewpoint - Commercial Bancgroup, Inc. has declared its first quarterly cash dividend of $0.10 per share, indicating a commitment to returning value to shareholders [1] Company Summary - Commercial Bancgroup, Inc. is a bank holding company headquartered in Harrogate, Tennessee [1] - The dividend is payable on March 31, 2026, to shareholders of record as of March 15, 2026 [1]

Financial Performance - Net income for Q4 2025 was $9.9 million, or $0.72 per diluted share, up from $5.6 million, or $0.46 per diluted share in Q4 2024, representing a 77.7% increase [2]. - For the three months ended December 31, 2025, net income was $9,913,000, an increase of 4.7% from $9,467,000 for the same period in 2024 [25]. - Core net income for the quarter was $9,913 thousand, compared to $9,467 thousand in the previous quarter, marking a 4.7% increase [38]. - Pre-tax income for Q4 2025 was $12,705,000, an increase of 3.3% from $12,296,000 in Q3 2025 [35]. - Total operating revenue for the twelve months ended December 31, 2025, was $90.4 million, compared to $88.5 million for the previous year [12]. Asset and Loan Growth - Gross loans increased by $106.3 million during Q4 2025, or 24% annualized, compared to the previous quarter [6]. - Total net loans reached $1.9 billion as of December 31, 2025, an increase of $66.9 million, or 3.7%, from December 31, 2024 [9]. - Total loans outstanding as of December 31, 2025, reached $1,873,533,000, an increase from $1,767,193,000 as of September 30, 2025 [28]. - The average balance of gross loans, net of unearned income, was $1,807,127,000 with an interest income of $27,866,000, resulting in a yield of 6.2% for the three months ended December 31, 2025 [26]. - Total gross loans increased to $1,880,011 thousand as of December 31, 2025, up from $1,773,574 thousand as of September 30, 2025, representing a growth of 6.0% [30]. Deposits and Liabilities - Total deposits were $1.8 billion as of December 31, 2025, a decrease of $122.9 million, or 6.3%, from December 31, 2024 [11]. - Total deposits reached $1,815,734,000 as of December 31, 2025, up from $1,938,597,000 as of December 31, 2024, indicating a decrease of about 6.3% [21]. - Total liabilities increased to $2,006,022 thousand, up from $1,969,255 thousand in the previous quarter, reflecting a growth of 1.9% [23]. - Core deposits, excluding time deposits over $250,000, totaled $1,665,470 thousand, an increase from $1,631,921 thousand in the prior quarter, reflecting a growth of 2.1% [37]. Efficiency and Ratios - Efficiency ratio improved to 45.24% in Q4 2025, down from 48.9% for the twelve months ended December 31, 2024 [6][12]. - The efficiency ratio was reported at 45.24% for the three months ended December 31, 2025, an improvement from 47.01% for the same period in 2024 [21]. - The return on average assets (ROAA) improved to 1.76% for the three months ended December 31, 2025, compared to 1.40% for the same period in 2024 [21]. - Core return on average assets improved to 1.76% from 1.74% in the previous quarter, showing a slight increase [38]. - The company reported a net interest spread of 3.20% for the twelve months ended December 31, 2025, compared to 3.05% for the previous year [27]. Credit Quality - Nonperforming loans to gross loans ratio was 0.33% as of December 31, 2025, consistent with the same ratio from December 31, 2024 [22]. - The total allowance for credit losses to total loans ratio was 0.95% as of December 31, 2025, down from 1.01% as of December 31, 2024 [22]. - Nonaccrual loans increased to $6,245,000 as of December 31, 2025, compared to $5,390,000 as of September 30, 2025, reflecting a rise in nonperforming loans [28]. - The company reported a net charge-off of $262,000 for the three months ended December 31, 2025 [29]. - Provision for loan and lease losses was $150,000 in Q4 2025, compared to $5,000 in Q4 2024, indicating a significant increase in expected losses [35]. Equity and Book Value - Book value per share increased to $20.81, a rise of $0.78, or 16% annualized, from the previous quarter [6]. - Tangible common equity reached $273,415,000 in Q4 2025, up from $233,194,000 in Q3 2025, reflecting a growth of 17.3% [36]. - Average tangible equity increased to $248,017,000 in Q4 2025, compared to $227,493,000 in Q3 2025, indicating a growth of 9.1% [36]. - Tangible book value per share reported at $19.96 in Q4 2025, up from $19.05 in Q3 2025, reflecting a 4.8% increase [36]. Strategic Focus and Risks - The company anticipates potential risks related to interest rates and inflation affecting earnings and financial condition [41]. - The concentration of the loan portfolio in real estate loans poses risks due to changes in property values and sales volumes [41]. - Future growth strategies may include acquisitions and expansion activities, with associated risks in identifying and integrating new operations [41]. - The company is focused on maintaining important deposit customer relationships to avoid liquidity risks [41]. - The company faces competition from various financial service providers, including those not subject to the same regulations [41].

Core Viewpoint - Commercial Bancgroup, Inc. reported a significant increase in net income for the fourth quarter of 2025 compared to the same period in 2024, indicating strong financial performance and growth potential for the company [1]. Financial Performance - The company announced a net income less non-controlling interest of $9.9 million, or $0.72 per diluted common share, for Q4 2025, which is an increase from $5.6 million, or $0.46 per diluted common share, in Q4 2024 [1]. Initial Public Offering (IPO) - On October 1, 2025, the company priced its initial public offering of 7,173,092 shares of common stock at a public offering price of $24.00 per share, with 1,458,343 shares sold by the company and 5,714,758 shares sold by certain selling shareholders [1].

4Q25 Earnings Presentation COMMERCIAL BANCGROUP, INC. January 26, 2026 Important Notices and Disclaimers Use of Defined Terms As used in this presentation, the terms "Company," "Commercial," "we," "our," and "us" refer to Commercial Bancgroup, Inc., a Tennessee corporation. The term "Bank" refers to Commercial Bank, the Company's wholly owned bank subsidiary. Forward-Looking Statements This presentation contains statements that constitute "forward-looking statements" within the meaning of the U.S. federal s ...

Financial Performance - Net income attributable to Commercial Bancgroup, Inc. for the nine months ended September 30, 2025, was $27.06 million, a 4.9% increase compared to $25.80 million for the same period in 2024[19]. - Net income for the nine months ended September 30, 2025, was $27,057,347, compared to $26,075,325 for the same period in 2024, reflecting a year-over-year increase of approximately 3.8%[21]. - Net income for the three months ended September 30, 2025, was $9.5 million, an increase of $0.3 million, or 2.8%, compared to the same period in 2024[164]. - Net income for the nine months ended September 30, 2025, was $27.1 million, an increase of $1.3 million, or 4.9%, compared to the same period in 2024[165]. - Net income before income taxes for the three months ended September 30, 2025, was $12.3 million, an increase of $1.3 million, or 11.6%, from the same period in 2024[172]. Assets and Liabilities - Total assets decreased to $2.21 billion as of September 30, 2025, down from $2.30 billion at the end of 2024, representing a decline of approximately 3.9%[17]. - Total liabilities decreased to $1.97 billion as of September 30, 2025, down from $2.08 billion at the end of 2024, a reduction of approximately 5.4%[17]. - Cash and cash equivalents decreased to $154.79 million as of September 30, 2025, down from $178.20 million at the end of 2024, a decline of 13.1%[17]. - Total deposits decreased to $1.78 billion as of September 30, 2025, down 8.1% from $1.94 billion at the end of 2024[17]. - The total carrying amount of purchased credit deteriorated loans was $12,336,553 as of September 30, 2025, down from $14,404,221 on December 31, 2024[93]. Income and Expenses - Net interest income for the three months ended September 30, 2025, increased to $20.22 million, up 6.1% from $19.06 million in the same period of 2024[18]. - Noninterest income for the three months ended September 30, 2025, was $2.63 million, a decrease of 6.5% from $2.81 million in the same period of 2024[18]. - Noninterest income for the nine months ended September 30, 2025, was $7.3 million, a decrease of $0.6 million, or 7.6%, from $7.9 million in the same period of 2024[199]. - Noninterest expense for the three months ended September 30, 2025, was $10.6 million, an increase of $0.03 million, or 0.3%, from $10.5 million in the same period of 2024[205]. - Salaries and employee benefits for the three months ended September 30, 2025, were $5.7 million, an increase of $0.1 million, or 2.2%, compared to $5.6 million for the same period in 2024[207]. Credit Quality - The provision for credit losses was zero for the three months ended September 30, 2025, compared to $323,000 in the same period of 2024[18]. - The company reported a provision for credit losses of $1,823,644 in 2024, which was not applicable in 2025, indicating improved credit quality[21]. - The total provision for credit losses for the nine months ended September 30, 2025, was $427,000, with total charge-offs of $690,000[75]. - The allowance for credit losses (ACL) as a percentage of total loans was 1.01% at September 30, 2025, compared to 1.00% at December 31, 2024[197]. - The company reported no loans classified in the Loss category as of September 30, 2025, indicating strong credit quality management[87]. Shareholder Equity - Total shareholders' equity as of September 30, 2025, was $245,153,326, up from $214,783,919 as of September 30, 2024, indicating a growth of about 14.1%[20]. - Shareholders' equity increased to $239.5 million as of September 30, 2025, up from $207.4 million in the previous year[186]. - Book value per share increased by $0.81, or 4.2%, to $20.03 at September 30, 2025, from $19.22 at June 30, 2025[165]. Loans and Lending Activities - The total loans as of September 30, 2025, were $1,773,574,037, a decrease from $1,815,681,891 on December 31, 2024[63]. - The commercial real estate loan segment had a balance of $1,002,191,761 as of September 30, 2025, compared to $1,006,206,845 on December 31, 2024[63]. - The residential real estate loans amounted to $376,768,740 as of September 30, 2025, up from $369,308,057 on December 31, 2024[63]. - The average yield on gross loans was 6.4% for the three months ended September 30, 2025, compared to 6.6% for the same period in 2024[186]. - The company has categorized loans into various risk categories, with a focus on maintaining a low likelihood of loss for "Pass" loans[78]. Capital Adequacy - The Bank's total capital to risk-weighted assets ratio was 15.2% as of September 30, 2025, exceeding the minimum requirement of 10.0%[116]. - The Bank's Tier I capital to risk-weighted assets ratio was 14.2% as of September 30, 2025, above the minimum requirement of 8.0%[116]. - The Company met all capital adequacy requirements as of September 30, 2025, and was categorized as well capitalized by the FDIC[114]. Market and Economic Conditions - The company monitors net income growth monthly, quarterly, and annually, comparing it to prior periods and budget[182]. - Management expresses confidence in current underwriting standards to meet potential changes in economic conditions, reflecting a proactive approach to risk management[139]. - 90% of the Company's loan portfolio is concentrated in loans secured by real estate as of September 30, 2025, indicating a significant reliance on local real estate market conditions[138].

Financial Data and Key Metrics Changes - Net income for the first nine months of 2025 was $27.1 million, a 4.9% increase year-to-date [4] - Revenue reached $66.9 million, reflecting a 1.9% increase [4] - Expenses decreased to $31.9 million, an eight basis points reduction [4] - Earnings per share increased to $2.22, a 6.2% rise [4] - Return on assets (ROA) was 1.60%, a 1.9% increase [4] - Return on equity (ROE) was 15.5%, an 8.5% decrease compared to 2024 [4] - Efficiency ratio remained strong at 47.6% [4] Business Line Data and Key Metrics Changes - Loan portfolio activity remained robust, with expectations for strong loan closing volume in Q4 2025 [5] - Loan delinquencies were at historical goals of 1.5%-1% [5] - Total debt ratio stood at 2.19% [5] Market Data and Key Metrics Changes - The company experienced moderate loan growth year-over-year due to large payoffs from long-term borrowers [4] - The company anticipates a positive loan growth by year-end despite not meeting budget expectations [14] Company Strategy and Development Direction - The company is focused on navigating the public bank space to grow its franchise and provide long-term value to shareholders [5] - Management is optimistic about the M&A climate, indicating a positive buzz and ongoing discussions with potential sellers [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategy and direction as they transition into the public market [5] - The net interest margin was reported at $4.05 for September, with expectations to maintain strong margins [16] - The company is well-positioned to react to changes in interest rates due to its flexible balance sheet [18] Other Important Information - The company successfully completed its IPO on September 30, 2025, marking its transition to a public entity [2][3] Q&A Session Summary Question: Loan pipeline and growth expectations for Q4 - Management indicated a strong loan pipeline for Q4 and expected positive loan growth despite some payoffs in Q3 [13][14] Question: Margin outlook and loan/deposit pricing - Management noted a neutral asset sensitivity and a strong net interest margin, with flexibility to adjust to rate changes [16][18] Question: M&A climate and opportunities - Management expressed optimism about the M&A environment, highlighting ongoing discussions and potential opportunities in the market [19][20]

Financial Data and Key Metrics Changes - Net income for the first nine months of 2025 was $27.1 million, a 4.9% increase year to date [4] - Revenue reached $66.9 million, reflecting a 1.9% increase [4] - Expenses decreased to $31.9 million, an eight basis points reduction [4] - Earnings per share increased to $2.22, a 6.2% rise [4] - Return on assets (ROA) was 1.60%, a 1.9% increase [4] - Return on equity (ROE) was 15.5%, an 8.5% decrease compared to 2024 [4] - Efficiency ratio remained strong at 47.6% [4] Business Line Data and Key Metrics Changes - Loan portfolio activity remained robust, with expectations for strong loan closing volume in Q4 2025 to offset payoffs [5] - Loan delinquencies were at historical goals of 0.5% [5] - Total debt ratio stood at 2.19% [5] Market Data and Key Metrics Changes - The company experienced moderate loan growth year over year, impacted by large payoffs from long-term borrowers [4][5] - The net interest margin for September was reported at $4.05, holding strong [15] Company Strategy and Development Direction - The company is focused on navigating the public bank space to grow its franchise and provide long-term value to shareholders [5] - There is a positive outlook on M&A opportunities, with the company positioned as a potential buyer for banks in the $500 million to $750 million range [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategy and direction as a public company, emphasizing the ability to adapt to market conditions [5] - The management team highlighted a strong loan pipeline for Q4 and a positive outlook for year-end loan growth [14] Other Important Information - The company successfully completed its IPO on September 30, 2025, marking its transition to a public entity [3] Q&A Session Summary Question: Loan pipeline and growth expectations for Q4 - Management indicated a strong loan pipeline for Q4 and expected positive loan growth despite some payoffs experienced in Q3 [13][14] Question: Margin outlook and deposit pricing - Management noted a neutral asset sensitivity and a stable net interest margin, with flexibility to adjust to rate changes [15][16][17] Question: M&A climate and opportunities - Management expressed optimism about the M&A environment, indicating ongoing discussions and interest in potential acquisitions [18][19]

Financial Data and Key Metrics Changes - Net income for the first nine months of 2025 was $27.1 million, a 4.9% increase year to date [4] - Return on assets (ROA) was 1.60%, reflecting a 1.9% increase [4] - Return on equity (ROE) was 15.5%, showing a slight decrease of 8.5% compared to 2024 [4] - Revenue reached $66.9 million, a 1.9% increase [4] - Expenses decreased to $31.9 million, an eight basis points reduction [4] - Earnings per share (EPS) was $2.22, a 6.2% increase [4] - Tangible book value per share was $19.05, a 14.5% increase [4] - Efficiency ratio remained strong at 47.6% [4] Business Line Data and Key Metrics Changes - Loan portfolio activity remained robust, with expectations for strong loan closing volume in Q4 2025 to offset payoffs [5] - Loan delinquencies were at historical goals of 0.5% [5] - Total debt ratio stood at 2.19% [5] Market Data and Key Metrics Changes - The company experienced moderate loan growth year over year, impacted by large payoffs from long-term borrowers [4][5] - The company anticipates a positive loan growth by year-end despite not meeting budget expectations [12] Company Strategy and Development Direction - The company is focused on navigating the public bank space to grow its franchise and provide long-term value to shareholders [5] - There is a positive outlook on M&A opportunities, with the company positioned as a potential buyer for banks in the $500 million to $750 million range [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and direction as it transitions into the public market [5] - The management highlighted the flexibility of the balance sheet to adapt to changing interest rates, maintaining a strong net interest margin [13][15] - The management noted a positive buzz in the M&A environment, with ongoing discussions and opportunities being explored [16] Other Important Information - The company successfully completed its IPO on September 30, 2025, marking its transition to a public company [3] Q&A Session Summary Question: Loan pipeline and growth expectations for Q4 - Management indicated a strong loan pipeline for Q4 and expected positive loan growth by year-end, despite not meeting budget [11][12] Question: Margin outlook and loan/deposit pricing - Management stated that the net interest margin was holding strong at $4.05 and expressed flexibility in managing the balance sheet to maintain earnings [13][15] Question: M&A climate and opportunities - Management conveyed a positive outlook on the M&A environment, indicating ongoing interest in potential acquisitions and strong relationships with other banks [16]

Financial Performance - Net income less non-controlling interest for Q3 2025 was $9.5 million, or $0.77 per diluted share, compared to $9.2 million, or $0.74 per diluted share in Q3 2024, representing a 3.3% increase in net income[2][8] - Total operating revenue for Q3 2025 was $22.9 million, up from $21.9 million in Q3 2024, indicating a year-over-year growth of 4.6%[8] - Net income for the third quarter of 2025 was $9,465,149, compared to $9,207,213 in the same period of 2024, representing a growth of 2.8%[34] - Year-to-date net income for 2025 reached $27,056,347, an increase of 4.9% from $25,799,468 in 2024[34] - Other comprehensive income for the third quarter of 2025 was $419,455, down from $671,022 in the third quarter of 2024[34] - Total comprehensive income for the third quarter of 2025 was $9,884,604, slightly up from $9,878,235 in the same quarter of 2024[34] Assets and Liabilities - Total assets as of September 30, 2025, were $2.2 billion, a decrease of $86.8 million, or 3.8%, from December 31, 2024[10] - Total assets decreased from $2,301,211,138 as of December 31, 2024, to $2,214,408,255 as of September 30, 2025, representing a decline of approximately 3.8%[26] - Total net loans decreased to $1.7 billion, down $39.5 million, or 2.2%, from December 31, 2024[11] - Total deposits were $1.8 billion, a decrease of $158.0 million, or 8.1%, from December 31, 2024, primarily due to a reduction in time deposits[13] - Total deposits decreased from $1,938,596,955 as of December 31, 2024, to $1,780,633,582 as of September 30, 2025, a reduction of about 8.2%[26] Income and Expenses - Non-interest income for the nine months ended September 30, 2025, was $7.3 million, a decrease of $0.6 million, or 7.4%, from the same period in 2024[18] - Noninterest income for the nine months ended September 30, 2025, was $7,291,642, down from $7,878,052 in the same period of 2024, indicating a decline of approximately 7.4%[28] - Total noninterest expense for the nine months ended September 30, 2025, was $31,858,649, slightly down from $32,144,646 in the prior year, a decrease of about 0.9%[28] Capital and Ratios - The total risk-based capital ratio was 15.2% as of September 30, 2025, indicating the company exceeded the minimum requirements to be well-capitalized[12] - Return on average assets for Q3 2025 was 1.69%, slightly up from 1.65% in Q3 2024[8] - Core return on average assets was 1.61% for the nine months ended September 30, 2025, slightly up from 1.58% in 2024[35] - Return on average tangible equity was 16.37% for the nine months ended September 30, 2025, down from 18.20% in 2024[35] - The tangible equity to tangible assets ratio improved to 10.59% for the nine months ended September 30, 2025, compared to 9.04% in 2024[35] Shareholder Value - The company completed its IPO on October 3, 2025, raising approximately $30.6 million in net proceeds[4] - The company reported a tangible book value per common share, which is a key non-GAAP financial measure, indicating a focus on shareholder value[24] - The company continues to evaluate and manage its business using non-GAAP financial measures to provide a clearer understanding of ongoing operations[23] - Dividends paid to shareholders remained consistent at approximately $2,002,079 for both the third quarter of 2025 and 2024[34] - Stock repurchases included 185 Class B shares at a cost of $980,800 in the third quarter of 2025[32] Growth Metrics - Net interest income increased to $20,221,599 for the three months ended September 30, 2025, compared to $19,055,697 for the same period in 2024, reflecting a growth of about 6.1%[28] - Pre-tax pre-provision net income for the nine months ended September 30, 2025, was $35,053,000, compared to $33,550,000 for the same period in 2024, reflecting a growth of 4.5%[35] - Core earnings per share increased to $2.24 for the nine months ended September 30, 2025, compared to $2.14 in the same period of 2024, representing a growth of 4.67%[35] - The efficiency ratio improved to 46.2% for Q3 2025, compared to 48.1% in Q3 2024[8] - Core efficiency ratio was reported at 47.15% for the nine months ended September 30, 2025, compared to 47.87% in 2024, indicating improved operational efficiency[36] Retained Earnings - Retained earnings increased from $212,310,977 as of December 31, 2024, to $237,366,245 as of September 30, 2025, representing a growth of approximately 11.8%[26] - The retained earnings increased to $237,365,245 by September 30, 2025, up from $206,700,519 a year earlier[32]